Summary Japan became the twelfth State Party to the United Nations Convention on International Settlement Agreements Resulting from Mediation, also referred to as the "Singapore Convention on Mediation", by depositing the instrument of accession at the UN Headquarters in New York. Content The accession by Japan was effected on 1st October 2023; However, the Convention will become effective for Japan on the... Read More
Summary The Chittagong Port Authority (CPA) has recently announced that they will not be liable for any compensation claims made by port users who have suffered damages as a result of the heavy rainfall and severe floods in the port areas since 5th August. Content The Chittagong Port Authority (CPA) issued a notification last week as they anticipated prospective claims due to the... Read More
Summary: Saudi Arabia implements the UNCITRAL Model Law on Cross-Border Insolvency in it’s domestic legislation which aims to help States create an equitable, contemporary, and fair insolvency framework so that cross-border procedures involving debtors who are facing serious financial difficulties, can be handled more successfully. To make the MLCBI a more useful tool, the accompanying Guide to Enactment, which offers background... Read More
The sustainable development goals have pushed the International Maritime Organization to take measures to reduce pollution caused by ships. The idea behind this plan is to urge the ship-owners to improve carbon intensity by at least 40% by 2023 and cut the emissions by half by 2050. In July 2023, IMO Member States adopted the 2023 IMO Strategy on Reduction... Read More
Summary: New Zealand accepted the Agreement on Fisheries Subsidies on September 6th, becoming the first country from the Oceania region to do so. Trade and Export Growth Minister Damien O'Connor and Director-General Ngozi Okonjo-Iweala celebrated the achievement in a virtual meeting. New Zealand's contribution of CHF 100,048 to the WTO Fisheries Funding Mechanism was praised by DG Okonjo-Iweala. Content: New Zealand is the... Read More
Summary: In light of current trends, industries are shifting focus to alternative energy sources like solar power. This is happening even though national grid capacity exceeds demand by 25,000MW compared to the current 15,000MW. Content: Several big companies have already switched to solar power partially or are considering it. They're finding that using solar panels on their roofs is a smart choice because... Read More
We are pleased to announce that we have successfully resolved a long-standing maritime dispute between the owner of a foreign vessel and the Bangladesh Navy. The vessel collided with a naval frigate in 2017, and the dispute over liability and damages had been ongoing for several years. The dispute was particularly difficult due to its sensitivity, as it also involved several... Read More
We are pleased to announce that we have successfully helped our client, a multinational corporation (MNC) with a representative office in Bangladesh, receive their outstanding payment under a letter of credit (L/C) from a local bank. The payment was for a cross-border international shipment of goods consisting of industrial-grade sewing machines. The MNC had been waiting for payment of their shipments... Read More
Several tax benefits are provided under the Finance Act 2022, for the mobile manufacturers. Besides, the Companies with less than Tk. 100 crore turnover and so on, who are working towards deployment or commercialization of new products, process or service driven by innovation, development and technology or intellectual property are given start up status who will be taxed at a... Read More
Summary For the first time in the history of Mongla Port, an 8.5 meter draft ship arrived at Mongla Seaport following the dredging at the Pashur Channel and the Mongla-Ghashiakhali Channel being completed on the 4th of August 2023, mere days earlier. Content Since the opening of the Padma Bridge last year, export and import through the Mongla Sea Port have improved. As... Read More
