Ministry of Law & Justice and FPCCI ink cooperation accord 

The Ministry of Law and Justice and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) signed Memorandum of Understanding (MoU) with Ministry of Law and Justice to promote cooperation in International Arbitration and Conciliation Council, reported 24NewsHD TV channel. 

According to the details, the ceremony was attended by Federal Law Minister Azam Nazir Tarar, President FPCCI Atif Ikram Sheikh and others. President FPCCI Atif Ikram Sheikh and Project Director International Mediation and Arbitration Centre (IMAC) Ayesha Rasool signed the MoU. 

According to the MoU, the Ministry of Law and Justice and FPCCI will cooperate in strengthening the Arbitration and Conciliation Council system and also introduce a system of conciliation and arbitration council to resolve mutual disputes between the business community. 

President FPCCI Atif Ikram, said that the MoU between FPCCI and the Ministry of Law will prove to be a milestone in the promotion of the conciliation and mediation system. Under the agreement, we will work together to promote alternative dispute resolution systems in the business sector. This MoU will also help in providing a conducive environment for economic development.

Federal Law Minister Azam Nazir Tarar, said that economy and trade are linked to the development of a country. He said a strong economy guarantees the country's economic and defense stability and the business community has a key role in achieving economic independence. 

Last year, the International Mediation and Arbitration Council was established and domestically, 600 mediation and conciliation councils have been certified.