Action will be taken against biased and dishonest members of Myanmar Arbitration Center in accord with the Anti-Corruption Law, said Zaw Min Win, President of the Union of Myanmar Federation of Chambers of Commerce and Industry, at a ceremony to open Myanmar Arbitration Center, at UMFCCI (headquarters) in Yangon on August 3.

In the past, the UMFCCI formed the mediation committee to deal with commercial disputes between businesspersons and merchants through the mediation mechanism. The UMFCCI tried to solve commercial disputes through arbitration mean. We had to spend too much money and times and faced language barriers as we had no Myanmar Arbitration Center and arbitrators.  Since 2017, the UMFCCI drafted procedures with the help of UMFCCI advisor Dr. Maung Maung Thein and chair Hnin Oo of the Commercial Dispute Mediation Committee. Arbitrators must be corrupt-free, unbiased and upright,” Zaw Min Win added.

Myanmar passed the Arbitration Law in 2016 in order to solve commercial disputes. On March 11, Myanmar Arbitration Center Ltd by Guarantee got the green-light from the Directorate of Investment and Company Administration (DICA).

UMFCCI advisor Dr. Maung Maung Thein said: “Myanmar Arbitration Center is at the beginning stage. I don’t want to announce that the center meets international standards.”