Prez highlights need for well-established dispute resolution mechanism as SL looks to deepen trade integration

Ranil Wickremesinghe

• Assures govt. will extend necessary support
• Says SL must look at how it can adjust to process
• Calls for change in culture where disputes can be resolved in shortest possible time frame
• Urges to look at Singapore in this regard 

By Shabiya Ali Ahlam

As Sri Lanka plans to join the Regional Comprehensive Economic Partnership (RCEP), President Ranil Wickremesinghe emphasised the need for stronger efforts to establish effective dispute resolution mechanisms in the country. 
Pointing out that Sri Lanka lags behind its regional peers in this regard, Wickremesinghe stated that the government would provide the necessary support to help the country become renowned for its arbitration and mediation services, ultimately enhancing the perception about the local business environment.

“We have already established one with Singapore and we are in the final stages of negotiations with Thailand. We are also discussing an upgrade with India and exploring possibilities with Bangladesh. Furthermore, we are moving towards joining the RCEP, the largest trading community globally. This underscores the growing importance of alternate dispute resolutions,” said Wickremesinghe.
He shared his views while addressing the Symposium on Commercial Mediation in Colombo, which was organised by the International ADR Centre Sri Lanka.

In the ease of doing business index, Sri Lanka significantly lags in dispute resolution. Given the country’s considerable room for improvement in arbitration and dispute resolution, Wickremesinghe advised that Sri Lanka must first explore ways to expedite the resolution process. To achieve this, there is an urgent need for a cultural shift, where disputes are resolved promptly.

“We seem to be adhering rigidly to traditional trial court procedures, even in domestic inquiries, for reasons that are unclear. Nonetheless, this is one of the challenges we must confront,” 
he said. 
Wickremesinghe emphasised that the stakeholders must recognise the value of time in business and proceed with their endeavours accordingly.

Wickremesinghe also suggested that Sri Lanka should look to Singapore as a model for arbitration and dispute resolution, aiming to align its systems and processes with Singapore. 
He added, “We should strive to match everything, except costs, to effectively compete with Singapore. There is a void in this part of the world and if Sri Lanka acts swiftly, we can fill it.”