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(Dec 02, 2007) On July 21, 2007, Pakistan promulgated the Arbitration (International Investment Disputes) Ordinance, 2007, in implementation of the International Convention on the Settlement of Investment Disputes Between States and Nationals of Other States. The new law requires a person seeking recognition or enforcement of an award rendered pursuant to the Convention to register the award in a high court in Pakistan. Registration of the award will be deemed to be a judgment of the court for the award's enforcement and execution.
Certain provisions of the International Convention, especially in articles 18-24, will have the force of law in Pakistan. The articles of the Convention have been incorporated in the schedule annexed to the Ordinance to give it the force of law. The government has reserved to itself the right to amend the schedule in conformity with any amendment to the provisions of the Convention. (The Arbitration (International Investment Disputes) Ordinance, 2007, THE GAZETTE OF PAKISTAN 1019-1045 (July 21, 2007).)
|Author:||Krishan Nehra More by this author|
|Topic:||Investments More on this topic|
|Jurisdiction:||Pakistan More about this jurisdiction|
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Last updated: 12/02/2007