Chartered Institute of Arbitrators opens SL branch

A branch of the Chartered Institute of Arbitrators, London (CIArb) has now been set up in Sri Lanka. It intends to pave the way for local arbitrators to be equipped with qualifications, integrity and expertise to better resolve commercial disputes. The accreditation received by members of the CIArb is what every arbitrator seeks to obtain in order to be recognised internationally. 

The inauguration of the institute was held on July 31 at the Galle Face Hotel with Justice and Prison Reforms Minister Thalatha Atukorale as the Chief Guest. Among the other distinguished attendees were British High Commissioner to Sri Lanka and the Maldives James Dauris, Patron of the Sri  Lanka branch of CIArb and former Attorney General Yuvanjan Wijayatilake PC, CIArb Director-General Anthony Abrahams and several judges of the Supreme Court and Court of Appeal. 

Arbitration is a form of alternate dispute resolution (ADR) wherein disputes are resolved outside court. Businessmen prefer arbitration over litigation as it is adaptable to suit the parties’ needs and is a more expedient way of dispute settlement. The first training event conducted by CIArb will be held on August 15 

The minister lauded the initiative taken by CIArb underscoring on how training arbitrators within the country would contribute towards revamping business ventures. 

“Although Sri Lanka’s rating in the ‘Ease of Doing Business Index’ improved over the past year, the overall position is low and has a direct impact on attracting foreign investment. The development of trade and commerce is one of the main objectives of the government and is therefore open to all opportunities to boost the economy and make Sri Lanka an attractive place to do business,” the minister said.  

Patron of the Sri Lanka branch of CIArb and former AG Yuvanjan Wijayatilake PC too addressed the gathering. He spoke on how the conduct of arbitration proceedings and enforcement of arbitral awards in domestic courts were not done expeditiously thus defeating the purpose of arbitration. 

He also pointed out that arbitrators lacked formal training and were unaware of modern methods of expediting the process adopted in international arbitrations. In this respect, he appreciated the initiative taken by CIArb to set up a branch in Sri Lanka which would benefit arbitrators to be trained and receive a well-recognised accreditation. 

Arbitration is a form of alternate dispute resolution (ADR) wherein disputes are resolved outside court. Businessmen prefer arbitration over litigation as it is adaptable to suit the parties’ needs and is a more expedient way of dispute settlement. The first training event conducted by CIArb will be held on August 15.