Arbitration Act review underway

THE review of the 1951 Arbitration Act by the Government is underway and will give confidence to foreign business investments in the country, an expert says.
Barrister and Asian Development Bank consultant Daniel Meltz, who presented at the Arbitration public consultation session in Lae on Wednesday, said many international disputes (particularly in business) were now resolved by arbitration and not through courts.
The one-day consultation involved mainly the business community and legal officers as well as interested citizens who participated in question-and-answer sessions and other presentations highlighting the importance of reviewing the Act.
The event was organised by the National Judicial Service (NJS) and covers the four regions of the country to gauge views on the review of the Act.
Meltz said it was in the best interest of the country to review its Arbitration Act to be in line with other countries who had signed up to a convention.
“When the Arbitration Act is in place it will give investors the confidence to invest in the country as that provides a levelled playing field for them,” Meltz said.
According to a report given by the NJS, PNG signed the instrument of accession to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) on July 22 making it the 160th nation to accede.
He said when PNG signed with the convention, there were a lot of arbitration activities already in the country. “More were expected which would benefit businesses,” Meltz said.