The Asian International Arbitration Centre hosted the Asian-African Legal Consultative Organisation (AALCO)’s Annual Arbitration Forum themed Connecting Asia and Africa, Connecting Investment and Alternative Dispute Resolution (ADR): Opportunities and Challenges in Bangunan Sulaiman today.
It is the first event of its kind of AALCO’s that brought together all five arbitration centres established its auspices: the AIAC; the Cairo Regional Centre for International Commercial Arbitration (CRCICA); the Lagos Regional Centre for International Commercial Arbitration (LRCSCA); the Tehran Regional Arbitration Centre (TRAC) and the Nairobi Centre for International Arbitration (NCIA).
In the first day of the event, Dr. Oveis Rezvanian, Director of TRAC, introduced TRAC new Rules of Arbitration which has been launched as of March 2018. Dr. Rezvanian’s speech was mainly concentrated on innovative features of the the new Rules, including the appointment of “Emergency Arbitrator” for obtaining urgent measures and the mechanism for “Expedited Procedure” which ensures that the arbitral process can be conducted in a faster and cost effective manner. Dr. Rezvanian further turned into the role of regional arbitration centers and explained why commercial users in developing countries should choose these nearby centers as more reliable forums for resolving disputes.