ISLAMABAD: Federal Minister for Law and Justice Farogh Naseem on Monday suggested developing a dispute settlement mechanism between Pakistan and China.
In a meeting with China’a Ambassador to Pakistan Yao Jing, the law minister said that disputes between Chinese and Pakistani businessmen, whether pertaining to CPEC or otherwise, should be settled amicably.
He said that a special dispute resolution mechanism should be agreed between the two countries in matters where an amicable consensus is not reached. This arbitral tribunal shall have two judges, arbitrators, consultants or conciliators, one each from China and Pakistan.
He also suggested that disputes between China and Pakistan should not be taken to any international forum, and they should instead develop their own mechanism to settle disputes.
The law minister further suggested that in all commercial disputes the award should be either in Pakistan rupees or the Chinese yuan or a common currency may be devised.
He stressed that Pakistan has the capacity to train Chinese lawyers and businessmen in international legal and commercial documentation which will help in contesting their cases abroad.
He also suggested that if the dispute settlement mechanism becomes a success, the forum could also serve the entire region including Central Asia, Turkey, Iran, Iraq, Afghanistan, and Sri Lanka.
Both discussed a range of bilateral issues.The law minister said that both countries share a very special and close relationship, and Pakistan values China as its most reliable friend and partner.
He said Pak-China friendship has evolved into an ‘all weather strategic cooperation partnership’ and CPEC has added yet another dimension which will bring high dividends to both countries.
Both sides agreed to enhance the collaboration at people to people level which includes interaction between educational institutes, academia and young generation.
The Chinese ambassador appreciated the suggestions of the law and minister and reiterated to work closely with the new government and further strengthen bilateral relations. He said China values its relations with Pakistan and wants to work with the country for the development of the entire region.