Press Conference (Press Release)
on
The New UNCITRAL Arbitration Expedited Rules
For the conduct of expeditious, cost-effective Dispute Resolution
These Rules are, as viewed from a business angle, to facilitate speedy, affordable Arbitration with a view to minimize the cost to the national economy and to benefit from a smoothly run process.
It is meant to facilitate a friendly, efficient, professional system without rancour or conflict. It should be expedited and prevent delays so that the business sector will grow to believe and develop in the process.
There is a need for a paradigm shift to transform the system. Especially with the need to compete with competition arising out of large projects like the Port City project and the requirement to face the international environment competently and competitively.
The need for infusion of Professionals who understand the new business into the Arbitration process.
It should be viewed as a boon to the foreign exchange inflow and sculpt a effective model to create a hub for International matters.
It is imperative to reduce the outflow of foreign exchange while the need in increasing the consequent inflow is evident.
This process should be developed to promote efficiency which would greatly benefit the high-end tourism market and other potential areas too.
Widening the scope to accommodate Sports Arbitration, Maritime Arbitration, I.T. Arbitration etc. will broaden the scope of benefit of the process.
The support and encouragement in a meeting with the Minister of Justice is highly appreciated and the SLNAC is happy to witness such vision and efforts to elevate this process.
We gladly support and share the effort to make such an elevation of a vision a reality.
We do make continued efforts to fully equip us and the services to facilitate an efficient online service
The introduction of the block chain system, use of the QR code will consequently help in promoting higher security levels and constantly updated security measures.
We do make continued efforts to fully equip us and the services to facilitate an efficient online service
Our mission to use latest technology, maintaining stringent security measures greatly help in the conduct of Arbitrations with the mandatory confidentiality and impartiality, with higher levels of efficiency and will be on par with Internal Arbitration Centres such as those in Singapore and Malaysia.
Thank you
The Sri Lanka National Arbitration Centre
+94 (0) 11 2 688 263
