Commercial disputes can be resolved through mediation if encouraged by the regulators, but settling such disputes can take four years in Bangladesh.
Also, many countries have introduced reforms like automatic assignment of cases to judges, specialised commercial court, electronic payment, and expansion of the alternative dispute resolution (ADR) framework to improve the litigation system.
They made changes to applicable civil procedure or enforcement rules and expanded court automation, too.
Dhaka Chamber of Commerce and Industry (DCCI) President Rizwan Rahman said this while addressing the webinar "Country Competitiveness of Bangladesh: Key Reforms in Doing Business" organised by DCCI Saturday.
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The Global Competitiveness Index 2019 ranked Bangladesh 105 and the report also highlighted a profound competitiveness deficit in LDCs, he said.
To overcome the transition of economic graduation and to be among the top 100 in the World Bank's Ease of Doing Business Index, improving competitiveness is a prerequisite for Bangladesh, Rizwan continued.
"However, Bangladeshi policymakers are yet to take necessary initiatives in association with the private sector for improving country competitiveness."
Salman F Rahman, the prime minister's private industry and investment adviser, said at the webinar: "The entire judicial system needs revamping. We need to resolve the disputes quickly."
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"But the mediation and arbitration system are not being used widely in the country due to not having a standard civil litigation management timeframe," he continued.
Law and Justice Division Secretary Md Golam Sarwar said, "We are going to implement an e-judiciary project to foster effective and speedy disposal of cases including commercial disputes. Steps have been taken to amend the existing Insolvency Act 1997."
"For effective settlement of commercial disputes, the government is planning to set up commercial courts in Dhaka and Chattogram."