News
The Asian Development Bank Hosts the Second Fiji Judicial Colloquium on International Arbitration
During the Colloquium, Asian Development Bank (ADB) General Counsel (GC) Thomas Clark and ADB Regional Director Masayuki Tachiiri thanked the Hon. Chief Justice and the Fijian judiciary for the strong partnership that ADB and Fiji have built, focused on legal reforms that drive private sector investment and economic opportunity and resilience.
Palau Enacts International Commercial Arbitration Act
Following accession to the New York Convention on 31 March 2020, Palau enacted the implementing law on 29 April 2020, supported by the ADB Office of the General Counsel's Law and Policy Reform Program. The new law establishes a comprehensive and modern legal framework for international arbitration, which has become the preferred way to resolve cross-border commercial disputes.
ADB Assists Local and Foreign Banks in the Philippines to Establish Islamic Banks and Units
ADB’s technical assistance (TA) program to promote the Philippines’ socioeconomic development and acceleration through Islamic finance helped in the promulgation of Republic Act No. 11439. This paved the way for both local and foreign banks to establish full-fledged Islamic IBUs.
ADB Supports South Pacific “Open for Business” with International Arbitration
The South Pacific region used to be one of the few regions in the world without an effective legal framework to resolve cross-border commercial disputes through international arbitration, a private dispute resolution process that involves parties from different countries submitting their dispute to a neutral arbitrator or panel. This form of cross-border dispute resolution and enforcement regime is fundamental to foreign investment, trade, climate finance, and resolves disputes quicker than going to court.