AALCO stands for the Asian-African Legal Consultative Organization. AALCO is an inter-governmental organization that was founded in 1956 and now with 47 member states comprising of the major states from Asia and Africa. Two-thirds of the world’s population lives in AALCO member states. The combined GDP exceeds many trillions of US dollars.
AALCO has been accorded Permanent Observer status at the United Nations. AALCO is a significant force contributing to international law developments, model contracts for international transactions, protection of investments, e-Commerce, settlement of international disputes, and shaping various international treaties, law of the sea, improving humanitarian laws on treatment of refugees, environmental and sustainable development, assisting in mutual cooperation on judicial assistance, developing international law in cyberspace and tackling pressing global challenges including biodiversity loss and climate change.
One of the major contributions to the economic field is AALCO’s launch of its Integrated Scheme for Settlement of Disputes in the Economic and Commercial Transactions in 1978. Pursuant to that Scheme, it was decided to establish regional arbitration centres under the auspices of AALCO, which would function as international institutions with the objectives to promote international commercial arbitration in the Asian-African regions and provide for conducting international arbitrations under these centres.