ISLAMABAD(National Times)- The Law and Justice Commission of Pakistan (LJCP) decided on Monday to recommend a constitutional amendment to the federal government to pave the way for the establishment of an “International Commercial Court of Pakistan”.
The decision was taken at the 49th meeting of the LJCP, headed by Chief Justice of Pakistan (CJP) Yahya Afridi, a statement issued by the Supreme Court said.
“Recognising the pivotal role of a modern commercial justice system in promoting investment, economic growth and international trade, the Law and Justice Commission of Pakistan, under the chairmanship of the chief justice of Pakistan, today recommended the establishment of the International Commercial Court of Pakistan through a proposed constitutional amendment,” the statement read.
The statement added, “The International Commercial Court of Pakistan has been proposed as an independent federal superior court through the insertion of a new Article 212-A in the Constitution.”
It said that the proposed new court was envisaged to “provide swift and efficient resolution of international commercial disputes, strengthen enforcement of arbitral awards, promote consistency and predictability in commercial jurisprudence, enhance investor confidence, and position Pakistan as a credible destination for international trade and investment”.
Considering the constitutional nature of the proposal, the commission resolved to recommend the proposed constitutional amendment to the federal government for consideration and initiation of the necessary legislative process, the statement said.
It said that the recommendation “reflects the commission’s vision of aligning Pakistan’s commercial justice framework with international best practices and creating an enabling legal environment that supports sustainable economic growth and foreign direct investment”.
The commission also “approved proposed amendments to Section 3A (1A) of the Banking Companies Ordinance, 1962, recommending that the jurisdiction of the banking mohtasib be extended to customers of microfinance banks and institutions”, the statement said.
“The proposed reform seeks to provide millions of microfinance customers with an effective, affordable and accessible grievance redress mechanism, thereby strengthening consumer protection, promoting financial inclusion and reinforcing public confidence in the financial sector,” it added.
The statement said that this proposal had also been recommended to the government for appropriate legislative action.
“By recommending reforms that enhance commercial certainty while simultaneously expanding consumer protection, the commission has reaffirmed its resolve to support Pakistan’s economic development through a modern, efficient and responsive justice system,” the statement read.
