Dhaka: Bangladesh has set up its first ever arbitration centre to settle commercial disputes.
The Bangladesh International Arbitration Centre (BIAC) was opened here "with a promise to help settle commercial disputes in a quick, transparent and cost-effective manner", The Daily Star said Sunday.
BIAC is a registered, not-for-profit organisation to provide an environment where clients can meet their arbitration needs effectively and efficiently. Its work revolves around the best ways to adapt arbitration to fundamental changes in the economy.
The International Chamber of Commerce-Bangladesh (ICC-B), Dhaka Chamber of Commerce and Industry (DCCI) and Metropolitan Chamber of Commerce and Industry (MCCI), Dhaka, have set up the centre for alternative disputes resolution, with support from the Bangladesh Investment Climate Fund that is managed by the International Finance Corporation.