The Myanmar Arbitration Centre (MAC) will be opened on 3 August at the Republic of the Union of Myanmar Federation of Chambers of Commerce and Industry to resolve commercial disputes among Myanmar entrepreneurs, state media reported.
The Commercial Disputes Coordination and Mediation Work Committee of the UMFCCI has been trying to set up an arbitration centre since 2017. The MAC has been registered as a company with the Directorate of Investment and Company Administration, and the permission to form the centre was granted on 11 March 2019.
Although it has been set up to look into commercial disputes, the arbitration centre will have the authority to issue punishments. Once the MAC is opened, disputes need not be taken to a court of law.