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 (LJCP), under the chairmanship of the Chief Justice of Pakistan, Monday recommended the establishment of International Commercial Court of Pakistan (ICCP) through a proposed constitutional amendment.
\nThe recommendation was made at the 49th Meeting of the Law and Justice Commission of Pakistan, which was attended by the Attorney General for Pakistan, the Chief Justices of the High Courts, the Secretary, Ministry of Law and Justice and Members of the Commission. The Federal Minister for Law and Justice attended the meeting on special invitation.
\nThe International Commercial Court of Pakistan (ICCP) has been proposed as an independent Federal Superior Court through the insertion of a new Article 212A in the Constitution. It is 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.
\nConsidering 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 recommendation reflects the Commission\u2019s vision of aligning Pakistan\u2019s commercial justice framework with international best practices and creating an enabling legal environment that supports sustainable economic growth and foreign direct investment.
\nThe 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.
\nThe 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 proposal has likewise been recommended to the Federal Government for appropriate legislative action.
\nBy recommending reforms that enhance commercial certainty while simultaneously expanding consumer protection, the Commission has reaffirmed its resolve to support Pakistan\u2019s economic development through a modern, efficient and responsive justice system.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 (LJCP), under the chairmanship of the Chief Justice of Pakistan, Monday recommended the establishment of International Commercial Court of Pakistan (ICCP) through a proposed constitutional amendment. The recommendation was made […]<\/p>\n","protected":false},"author":2,"featured_media":557315,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-557297","post","type-post","status-publish","format-standard","has-post-thumbnail","category-national"],"yoast_head":"\n