Investment and Corporate Law
The preceding Arbitration Act of 1940 that governs domestic arbitration in Pakistan has several deficiencies. Under the Act, the parties are relatively free to adopt procedures of their choice with little oversight. With no national arbitral institutions, there are no arbitral rules, except for some formulated by courts within the framework of the Act.
Upon recommendations of PBC, Bill for a new consolidated arbitration law based on the UNCITRAL model law was presented Parliament on 27 April 2009. This Bill aims to consolidate law relating domestic arbitration, international commercial arbitration, recognition and enforcement of foreign arbitral awards as well as settlement of international investment disputes.