ISLAMABAD: The Law and Justice Commission of Pakistan (LJCP), presided over by Chief Justice Yahya Afridi, has resolved to propose a constitutional amendment to create the International Commercial Court of Pakistan, as reported in a Supreme Court-issued statement.
During its 49th plenary session, the commission emphasized the necessity of establishing a specialized commercial court to foster investment, economic expansion, and global trade. The statement highlighted, “A progressive commercial justice framework is critical for advancing economic stability and reinforcing international trade partnerships.”
Specifically, the LJCP advocated for constitutional amendments to introduce Article 212-A, which would institute the proposed court as an autonomous federal superior tribunal. The stated objectives include expediting resolution of cross-border commercial disputes, reinforcing arbitration award enforcement, ensuring uniformity in commercial legal rulings, and enhancing investor assurance.
Given the constitutional scope of this initiative, the commission formally directed the federal government to undertake legislative action to operationalize the proposed framework, aimed at positioning Pakistan as a prospective hub for global trade and investment ventures.
Additionally, the panel endorsed revisions to Section 3A (1A) of the Banking Companies Ordinance, 1962, extending the jurisdiction of the banking ombudsman to encompass clients of microfinance institutions. The statement underscored that this amendment would improve grievance redressal accessibility for thousands of microfinance clients, bolster financial sector transparency, and augment consumer safeguards.
These recommendations collectively aim to align Pakistan’s legal and commercial infrastructure with global standards, fostering an environment conducive to sustainable economic growth and foreign direct investment.
