With the deposit of the instrument of ratification at the UN Headquarters in New York, Kazakhstan becomes the tenth State Party to the United Nations Convention on International Settlement Agreements Resulting from Mediation, also known as the "Singapore Convention on Mediation". The ratification by Kazakhstan was effected on 23 May 2022 and the Convention will enter into force for... Read More
SUMMARY: The banks have been advised by the Bangladesh Bank to take insurance coverage against their financing to exports in an attempt to cut down menace of loans. CONTEXT: The central bank published a circular to encourage banks to secure their financing through insurance coverage under credit guarantee strategy which is locally accessible from insurance companies. This will provide banks with... Read More
Summary: China deposited a declaration of extension of the territorial application of the United Nations Convention on Contracts for the International Sale of Goods (CISG) to Hong Kong, Special Administrative Region of China (“the HKSAR”) on 5 May 2022. Content: CISG applicable to Hong Kong SAR as of 1 December 2022 The territorial application will take effect on 1 December 2022 according to... Read More
Summary: Turkmenistan has acceded to both the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also commonly known as the “New York Convention”) and the United Nations Convention on Contracts for the International Sale of Goods (the “CISG”). Content: The New York Convention With its accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, effected on 4... Read More
Summary: In order for signing FTAs (free trade agreements) so as to perpetuate duty-free market access to Bangladeshi products, the government is giving consideration to seven countries and two blocs as prospective partners. Content: On Sunday, the commerce ministry broadcasted a time-based action scheme on favorable market access and trade agreement with the intent to come across the obstacles of least... Read More
Summary: The government plans to put third parties under the Registrar of Joint Stock Companies and Firms (RJSC) Monitoring third-party participation in the registration process will help to prevent excessive fees from being charged and lower the cost of doing business, officials say. Officials stated the MoC recently abandoned its plan to adjust the Office of Chief Controller of Imports... Read More
Summary: The International Labour Organization ("ILO") has postponed a judgment on whether or not to take further action against Bangladesh. Conventions 87 on freedom of association and the right to organize were allegedly suspended in Dhaka. The complainants also urged establishing a commission of inquiry on Bangladesh's failure to follow the norms. Bangladesh has been placed on notice by the... Read More
Summary: Bangladesh's top court has ruled that the Arbitration Act does not apply in cases where the arbitration is held in a foreign country. Accom Travels and Tours Ltd sued Oman Air for Tk 780 million after its agreements with the airline were canceled by the airline. Further proceedings in the matter are now delayed until the parties' disagreement is... Read More
SUMMARY: Bangladesh to embark on the long-anticipated universal pension scheme within 6 months to 1 year which will be open to all save the public servants. The government chalks out to launch the universal pension scheme in order to maintain its pledge of providing a safe and sound life to senior figures, particularly after the age of 60 which is... Read More
SUMMARY: The commerce ministry will be ameliorating the companies act this year in an effort to make it absolute and time-befitting. Tapan Kanti Ghosh, senior secretary to the commerce ministry, expressed that the former companies act had a deficiency in it as it prevented all the stakeholders from arriving at solidarity. He added that they are anticipating that the adapted act... Read More
