Kathmandu, January 18:

Asta Laxmi Shakya, Minister for Industry today urged the International Chamber of Commerce (ICC) Nepal to create awareness about itself and ICC arbitration.

Speaking at an interaction programme on ‘Role of ICC Arbitration in settlement of Business Disputes’, Shakya said,”Disputes are unavoidable. Each organization has its own limitations, which can create hazards during work. Ionly people get to know about ICC Nepal and its programmes, it would do wonders.”

The minister said, “We should trust our mediators, and our country has qualified mediators who can resolve disputes in different contracts. ICC Nepal while fulfilling international norms should play a vital role,” she said.

The ICC of world business organisations, based in Paris, is global leader in the development of standards, rules and reference guides for international trade. ICC has three main activities: Rules setting, arbitration and policy.

According to ICC Nepal, ICC arbitration plays a vital role in settling business disputes. This is institutional arbitration, which is held under the Arbitration Rules of the International Court of Arbitration under the ICC.

ICC’s International Court of Arbitration is the most trusted system of commercial arbitration in the world, having received more than 14,500 cases since its founding in 1923.

“ICC arbitration can be the system of resolving disputes even in the banking sector,” said Radhesh Pant, president of Nepal Bankers’ Association (NBA).

According to Pant, if there is representation of Nepal in ICC, disputes in different contracts both in government sector and the private sector can be resolved at minimum cost.

“Even the banking sector has a number of disputes in various contracts. Being a part of ICC we can settle disputes regarding money laundering and abuse of letter of credit,” said Pant adding, ICC arbitration can create uniformity, make guidelines and standardize rules and regulation.

ICC Nepal chairman Rajesh Kaji Shrestha said, “The business sector here is still unaware of ICC’s functions and unaware of international market strategies. Here, information about arbitration is lacking and the business sector is also not aware of how ICC Nepal can help related bodies by settlement of disputes.”

For business-related bodies here, arbitration in foreign countries is time-consuming and very costly. ICC Nepal can help them show the easy way out, said Shrestha. He also urged business sector and its organisations to become a part of ICC.

“ Not only the private but the government sector also has disputes in contracts. ICC arbitration can be useful to everyone,” said Pant.

According to ICC Nepal, there may be one or more arbitrators depending on the parties’ agreement and the value of the claims or disputes. If the agreement is silent as to the number of arbitrators, either ICA or the ICC will ordinarily appoint a sole arbiter. The panel of arbitrators for ICC Nepal consists of ten arbitrators.