In order to solve industry, trade and commerce related disputes, Commercial Mediation Center ( CMC) at Federation of Nepalese Chambers of Commerce and Industry ( FNCCI) secretariat has been established, The Himalayan Times reported Tuesday.

According to the newspaper, the center, launched here on Monday, will help find out justifiable solution to any disputes related to industry, trade and commerce in the private sector.

The concept is "such a dispute settlement body to provide prompt and efficient solutions to any differences in the business community and also assist them on legal matters and court cases," the report said.

"With the establishment of the CMC, FNCCI will be able to help its members to solve any dispute without going to court or any judicial body," president of FNCCI Chandi Raj Dhakal said, adding that it will save both the money and time for the entrepreneurs.

He was also quoted by the newspaper as saying that the center will be a pertinent tool in making the Nepali private sector more competitive and fair at par with the international trading standard.

Referring Nepal's entry into many regional and multilateral trading regime, Dhakal said that dispute free private sector will be vibrant for ensuring its presence in the international arena.

Source: Xinhua