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" INTERNATIONAL ARBITRATION IN THE CONTEXT OF INTERNATIONAL ARBITRATION IN THE CONTEXT OF GLOBALIZATION: A PAKISTANI PERSPECTIVE   By   Mr. Justice Mian Saqib Nisar, Judge, Lahore High Court   Arbitration, that is, the resolution of disputes by a forum settled upon by the mutual agreement of the parties to a dispute or otherwise agreeable to them, has an ancient lineage and rich heritage in the sub-continent in the shape of the panchayat system. Even after the advent of British rule, the panchayat system continued to flourish and it was observed in 1927 by the Bombay High Court that "to refer matters to a panch is one of the natural ways of deciding many a disputes in India.1   The form .of arbitration more recognizable by modern eyes started in the sub-continent essentially with the Indian Arbitration Act, 1899. This was, however, a statute of limited scope, applicable only to the Presidency towns of Madras, Bombay and Calcutta and such other towns in India as were notified for the purposes of the Act. In 1908, a new Code of Civil Procedure, applicable to the whole of the British India, was enacted, and a provision was made for arbitration in its second   1. Chanbasappa Gurushantappa Hiremath v. Baslingayya Gokurnaya Hiremath AIR 1927 Bombay 565, 568-9   schedule though only in respect of pending suits. Thus, it was, initially a piecemeal approach to making arbitration part of the corpus of laws. Recommendations and suggestions were made, most prominently by the Civil Justice Committee in 1925, to provide for a new and comprehensive Arbitration Act. However, it was not until 1940 that the appropriate Act was passed by the Indian Legislative Assembly. The Arbitration Act, 1940 remains in force in Pakistan till today. It was in force…