Key Takeaways
- The Law and Justice Commission of Pakistan (LJCP) has recommended a constitutional amendment to establish an 'International Commercial Court of Pakistan'.
- The court is intended to resolve international commercial disputes swiftly and efficiently, promoting investment in the country.
- The recommendation was made at the 49th meeting of LJCP, chaired by Chief Justice Yahya Afridi.
The Law and Justice Commission of Pakistan (LJCP) has decided to recommend a constitutional amendment to the federal government for the establishment of an 'International Commercial Court of Pakistan'. This decision was made at the 49th meeting, chaired by Chief Justice Yahya Afridi. The recommendation aims to enhance Pakistan's commercial justice framework in line with international best practices.
According to a statement issued by the Supreme Court, the proposed court is envisaged as an independent federal superior court under Article 212-A of the Constitution. Its primary objectives include providing swift and efficient resolution of international commercial disputes, strengthening enforcement of arbitral awards, promoting consistency in commercial jurisprudence, enhancing investor confidence, and positioning Pakistan as a credible destination for international trade and investment.
The recommendation reflects the commission's vision to align Pakistan’s legal environment with global standards. It is part of a broader effort to support sustainable economic growth and attract foreign direct investment (FDI). The statement also noted that the LJCP approved proposed amendments to Section 3A(1A) of the Banking Companies Ordinance, 1962, extending the jurisdiction of banking mohtasib to customers of microfinance banks. This reform aims to provide millions of microfinance customers with an effective and accessible grievance redress mechanism.
The decision was taken at a meeting that also addressed other legal reforms. The statement emphasized that by recommending these reforms, the commission is committed to supporting Pakistan’s economic development through a modern, efficient, and responsive justice system. The recommendation will now be considered by the federal government for initiation of necessary legislative processes.
Chief Justice Yahya Afridi stated in the press release: 'The proposed International Commercial Court of Pakistan is a significant step towards aligning our legal framework with international standards, thereby fostering an enabling environment for economic growth and investment.'
The recommendation to establish this court underscores the commitment of the LJCP to modernize the commercial justice system. It aims to create a more predictable and investor-friendly legal landscape in Pakistan.
While the exact timeline for legislative action remains unclear, the decision is seen as a positive move towards improving Pakistan’s business environment. The proposed reforms are expected to enhance investor confidence and promote economic growth.
'The proposed International Commercial Court of Pakistan is a significant step towards aligning our legal framework with international standards, thereby fostering an enabling environment for economic growth and investment.'
Chief Justice Yahya Afridi, Chairman, Law and Justice Commission of Pakistan
