“Small is Beautiful”, a collection of essays by the economist E. F. Schumacher, was published first in 1973, more than 50 years ago. Schumacher’s basic thesis was that the latest, shiniest or most complex technology was not necessarily the best option for developing countries. Instead, he argued in favor of a practical, more “people-centric” approach,…
Ethiopia has been on the pursuit of market liberalization in an effort to boost economic growth. We have been witnessing a wave of new laws in Ethiopia with significant implications to a market that has long been closed to foreigners. In April 2024, a law passed by the Investment Authority opened the import, wholesale, retail…
For decades, Pakistan’s arbitration framework has faced criticism for its inconsistency and inefficiency, contributing to the country’s staggering backlog of over 2.26 million cases in the courts. This backlog includes cases affected by an ineffective arbitration regime that encourages arbitral matters to be taken to courts as a result of their extensive interventionist powers pursuant…
In April 2023, the Chief Justice of Pakistan directed the formation of an Arbitration Law Review Committee (“ALRC”) to carry out a review of arbitration laws in Pakistan and propose reforms. The ALRC, which was formed under the aegis of the Law and Justice Commission of Pakistan, was also directed to prepare legislation that would…
Latvia’s status as the arbitration unicorn remains undisputed after nearly ten years since adopting the country’s first Arbitration Law (“Latvian Arbitration Law”). In February 2024, the overly liberal Latvian regime resulted in 57 arbitral institutions. This record-high number, however, is considerably less than the 214 arbitral institutions in Latvia in 2013. Although advertised by the…
On 20 February 2024, Papua New Guinea (“PNG”) passed a dual-track legislative regime regulating arbitration (“New Arbitration Regime”), with the Arbitration (International) Act 2024 (“IAA”) governing international arbitration and a separate Arbitration (Domestic) Act 2024 (“DAA”) governing domestic arbitration. The New Arbitration Regime will come into operation upon the publication of a notice in the…
On 26 December 2023, Azerbaijan adopted a new Law on Arbitration (“the Law” or “the New Law”) that regulates both international and domestic arbitration. It is mostly based on the 2006 edition of the UNCITRAL Model Law on International Commercial Arbitration (“2006 UNCITRAL Model Law”) but contains certain important differences. This post discusses the most…
In April 2023, Libya took a significant step forward in developing its legal system by issuing Law No 10 of 2023 on Commercial Arbitration (“New Arbitration Law”). The New Arbitration Law establishes a comprehensive legal framework for commercial arbitration in Libya, taking inspiration from the UNCITRAL Model Law and arbitration laws in neighbouring countries. Until…
On 11 July 2023, Trinidad and Tobago (“T&T”) enacted the Arbitration Act 2023 (the “Act”) to significantly modernise the domestic and international arbitration legal framework of the country. The Act repeals the Arbitration Act, Chap. 5:01 (the “Former Arbitration Act”) dating back to 1939, that was based on the 1889 and 1934 British arbitration laws,…
