Government eyeing new rules of arbitration

By TREVOR WAHUNE
The Government will draft rules of arbitration to complement the judiciary’s legal mediation systems to give confidence to investors wishing to do business in Papua New Guinea, says Prime Minister Peter O’Neill.
O’Neill told the international mediation and arbitration conference in Port Moresby yesterday there were mediation systems in place.
“But with the arbitration system to be introduced, we are making it become better,” he said.
“After drafting the rules, there will be wider consultations with the United Nations, the PNG judiciary, with the input of the Asian Development Bank and other organisations to finalise the draft rules before they are passed.
“This is to ensure going to court is the last resort because the mediation and arbitration process will be more cost efficient.”
O’Neill said potential investors looked for concepts and the legal system should assure them that they could confidently invest in local resources and capitals.
“For so many years we have seen a lack of international confidence because of various issues that prompt them to ensure that their investments were safe, and that they are accounted for,” he said.
“Particular issues about mediation and transparent process are important because the reality is that we part of a global economy, and we compete for investment and business.”
Chief Justice Sir Gibbs Salika encouraged aggrieved parties to try mediation. He said the judiciary had trained locals to handle mediation matters.