Harmonizing Pakistan arbitration laws with international commercial arbitration with special reference to natural resources disputes under ICSID regime

Abstract

Pakistan, a nation navigating the complexities of modern commerce and international relations, faces the imperative of aligning its national legal framework with global standards, particularly in the domain of commercial arbitration. This paper delves into the nuanced realm of resolving disputes pertaining to natural resources within the ambit of the International Center for Settlement of Investment Disputes (ICSID). As Pakistan endeavors to attract foreign investment and foster growth, ensuring a conducive legal environment for dispute resolution becomes paramount. In recent years Pakistan has witnessed a growing need to align its national legal framework regarding international commercial arbitration with international standards particularly concerning disputes involving natural resources .This study aims comprehensively analyze the process of harmonizing Pakistan domestic legislation with the ICSID regime focusing specifically on natural resource disputes The research will delve into the intricate challenges and opportunities associated with the harmonization process. It will examine the implication of ICSID on Pakistan legal system considering factors such as sovereignty, investor state relations and judicial precedents .The study will identify areas for improvement and propose legal reform to enhance Pakistan arbitration mechanisms in resolving disputes related to natural resources. Moreover the research will explore case studies and comparative analyses of other urisdictions that have successfully integrated international arbitration mechanisms such as the ICSID regime, into their legal systems. Drawing on these insights, the study will offer practical recommendations and policy suggestions to strengthen Pakistan arbitration framework, promote investment in natural resource sectors and contribute to sustainable development goals. (SDGs) Overall, this research endeavors to contribute to the ongoing discourse on enhancing Pakistan legal infrastructure for international commercial arbitration particularly in the context of natural resource disputes with a view towards fostering a conducive environment for investment and economic growth.