Press briefing of Cabinet Decision taken on 2022-02-07

Introduction of a New Arbitration Act

- Commercial Law Reforms Sub-Committee appointed under the Special Unit of the Ministry of Justice has found the need to study on the matters related to the field of arbitration in Sri Lanka and introduce a new Act for arbitration. The said Sub‑Committee has further recommended the necessity of imposing provisions by the proposed Act so as to resolve the current impediments both at the stage of arbitration and at the stage of the enforcement of arbitration decisions, enabling to encourage large scale local and foreign investments, in Sri Lanka. Accordingly, the the proposal made by the Minister of Justice to instruct the Legal Draftsman to draft an Arbitration Bill, was approved by the Cabinet.