Recommends insertion of a new Article 212A in Constitution to form new judicial forum
ISLAMABAD:
Pakistan’s superior judiciary has recommended the establishment of an International Commercial Court of Pakistan (ICCP) through a proposed constitutional amendment aimed at strengthening the country’s commercial dispute resolution framework and boosting investor confidence.
The recommendation was made during the 49th meeting of the Law and Justice Commission of Pakistan (LJCP), chaired by Chief Justice of Pakistan (CJP) Yahya Afridi.
The meeting was attended by the attorney general for Pakistan, chief justices of the high courts, the secretary of the Ministry of Law and Justice and members of the commission. Federal Minister for Law and Justice Azam Nazeer Tarar also attended as a special invitee.
According to an official statement, the proposed ICCP would be established as an independent federal superior court through the insertion of a new Article 212A in the Constitution.
The proposed court is envisaged to provide swift and efficient resolution of international commercial disputes, strengthen the 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 the recommendation reflected 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 increased 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 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.
The proposed amendment has also been recommended to the federal government for appropriate legislative action. The commission said that by recommending reforms aimed at enhancing commercial certainty while expanding consumer protection, it had reaffirmed its commitment to supporting Pakistan’s economic development through a modern, efficient and responsive justice system.
