Federal Finance Minister Muhammad Aurangzeb addressing a topic of restructuring arbitration laws in Pakistan at the seminar hall of the Federal Judicial Academy said that international companies resorting to litigation in courts due to the absence of proper arbitration laws in the country.
"This has hindered our progress," he declared.
"But with the enactment of the Arbitration Act 2024, a new dawn emerges. Disputes will now find resolution within Pakistan, paving the way for increased investment and economic growth."
Aurangzeb’s suggested directing money cases to be heard directly in the Supreme Court streamlining the legal process and ensuring swift justice.
"Wherever the Attorney General needs us, we stand ready to support," he said.
Attorney General for Pakistan Mansoor Usman Awan said: "Economic development hinges upon creating a safe business environment and he urged swift action on the Arbitration Act bill to become law.”
Attorney General Awan said: "This law can become a model.”
