Cabinet nod to introduce new Arbitration Act

The Cabinet of Ministers this week approved a proposal to draft a new Arbitration Bill to enable arbitrations in  large scale domestic and foreign investment disputes to be held in the country.

Justice Minister Ali Sabry on Monday sought the approval of the Cabinet of Ministers to advice the Legal Draftsman to prepare a new Arbitration Bill as recommended by the Commercial Law Reform Sub-Committee appointed under the Special Unit of the Justice Ministry.
The Sub-Committee has identified the need to study the facts regarding the field of arbitration in Sri Lanka and introducing a new Act. 
Therefore, it has recommended the need to impose provisions in the proposed Act to address existing barriers at the arbitration stage as well as at the enforcement stage of arbitration decisions to enable large-scale domestic and foreign investments in Sri Lanka. 
The proposed Act is expected to replace Arbitration Act No. 11 of 1995.