Modernisation of international arbitration law in the age of globalisation: a bangladesh perspective

In tune with the global phenomenon of modernisation of international commercial arbitration, Bangladesh has recently enacted a new arbitration law, known as the Arbitration Act 2001 (''the Act''). The Act came into force on April 10, 2001, repealing the Arbitration (Protocol and Convention) Act 1937 and the Arbitration Act 1940 - legacies of the British Raj in India. The Act, principally based on the Model Law, consolidates the law relating to both domestic and international commercial arbitration. It thus creates a single and unified legal regime for arbitration in Bangladesh-a reflection of the recent trend elsewhere.This modernisation gives Bangladesh a facelift as an attractive place for dispute resolution in the field of international trade, commerce and investment.The paper highlights some salient features of this new Bangladesh Act.