Sri Lanka has proposed that it be used as a venue for international arbitrations, the External Affairs Ministry said.
The proposal was made by External Affairs Minister Professor G.L. Peiris when he met Hugo Sieblesz, the Secretary General of the Permanent Court of Arbitration at The Hague.
Minister Peiris had said that there is a greater role for Sri Lanka as the venue for international arbitrations.
It was then agreed to carry the matter further in view of Sri Lanka’s acknowledged strengths in this field, and the available infrastructure and expertise, the External Affairs Ministry said.
International arbitration is a leading method for resolving disputes arising from international commercial agreements and other international relationships.
The Permanent Court of Arbitration, is an international organization based in The Hague in the Netherlands. It was established in 1899 at the first Hague Peace Conference.
The PCA provides services for the arbitration and resolution of disputes involving states, state entities, intergovernmental organizations, and private parties. The PCA is different from the International Court of Justice which is housed in the same building, the Peace Palace in The Hague. (Colombo Gazette)