Attorney General (AG) Thabo Chakaka Nyirenda says commercial arbitration remains a reliable mechanism of resolving commercial disputes because it achieves fairness and justice compared to traditional ways of dispute resolution.
Speaking in Nairobi, Kenya yesterday during the commemoration of the Nairobi Arbitration Week where he was the guest speaker, he said expeditious and economic disposal of the disputes could be achieved faster under commercial arbitration than through the conventional court system.
In a speech made available to The Nation, Nyirenda said Malawi’s political leadership, business community and the legal profession appreciate commercial arbitration as a trusted instrument of resolving commercial disputes.
He said: “Thus, arbitration is one of the pillars of alternative dispute resolution and consonant with civilisation and development.
“You can agree with me that if, as regions, or indeed as the African continent we utilise the power of arbitration, we will make more economic gains than losses.”
Nyirenda expressed optimism that members of Parliament would pass a supporting International Arbitration Act in November this year which is crucial in the establishment of the centre.
Last month, the Malawi Law Society (MLS) signed an international arbitration facilitation agreement with the Arbitration Foundation of Southern Africa (Afsa), marking a significant milestone towards establishing the Arbitration Centre in Malawi.
Speaking during the signing ceremony in Blantyre, MLS chairperson Patrick Mpaka said the centre would significantly improve the business environment.
Held under the theme, ‘Gearing up for changing times: Exploring perspectives for arbitration’, the Nairobi Arbitration Week is organised by the Nairobi Centre for International Arbitration which is ranked among the top five arbitral institutions in Africa.
Malawi ratified the New York Convention in June 2021, becoming the 167th Contracting State to the 1958 convention.