The Law and Justice Commission of Pakistan has approved a recommendation for a constitutional amendment to establish an International Commercial Court in the country and has forwarded the proposal to the federal government for legislation, it was reported on Monday.
According to the report, the recommendation was endorsed during the 49th meeting of the commission, chaired by Chief Justice of Pakistan Justice Yahya Afridi in Islamabad.
The session was attended by the attorney general for Pakistan, the chief justices of all high courts, the secretary of the Ministry of Law and Justice, commission members, and the federal minister for law and justice as a special invitee.
According to an official statement issued after the meeting, the proposed International Commercial Court of Pakistan would function as an independent federal superior court dedicated to the swift and effective resolution of international commercial disputes.
The court is also expected to strengthen the enforcement of international arbitration awards while promoting greater consistency and predictability in commercial law.
The commission said the proposed institution would enhance investor confidence and help position Pakistan as a more attractive destination for international trade and foreign investment.
The initiative aims to align Pakistan’s commercial justice system with internationally recognised best practices, creating a more reliable legal framework to support sustainable economic growth and encourage foreign direct investment.
During the meeting, the commission also approved a recommendation to amend Section 3A(1A) of the Banking Companies Ordinance.
The proposed amendment seeks to expand the jurisdiction of the Banking Mohtasib to include customers of microfinance banks and financial institutions.
The statement noted that the reform would provide millions of microfinance customers with a more effective, affordable and accessible mechanism for resolving complaints.
It added that the changes would strengthen consumer protection, promote financial inclusion and further enhance public confidence in the financial sector.
Both legislative recommendations have now been forwarded to the federal government for further consideration and the required legislative process.
