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Establishment of the Commercial Arbitration Center in Iraq
Economical 06/23/2024
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The Federation of Iraqi Chambers of Commerce organized the final conference of the commercial arbitration development program in Iraq, and the establishment of the commercial arbitration coordination center with the International Commercial Arbitration Court in Paris, as it contributes to creating a work environment that is in harmony with the requirements of the global effort specialized and willing to work in Iraq, and the impact of this in supporting construction and reconstruction operations. What the country seeks.
The closing conference was attended by the US Ambassador to Iraq, Elena Romanski, the Director of the US Agency for International Development in Iraq, Alice Johnson, representatives of ministries and government institutions, representatives of private sector institutions, as well as international organizations in Iraq.
President of the Federation of Iraqi Chambers of Commerce, Abdul Razzaq Al-Zuhairi, said: Iraq is in dire need of strengthening international relations in a way that serves the Iraqi economy, which is in the stages of construction and needs broad international cooperation due to the huge Iraqi labor market, which requires us to provide attractive climates for specialized efforts that can shorten... Time and effort.
Al-Zuhairi praised the great effort made by the American Agency to establish the commercial arbitration coordination center with the International Commercial Arbitration Court in Paris. This important center is one of the attractions, especially since specialized international companies study the work environment in the countries in which they want to work, and from here. We set out to provide the requirements for an ideal investment environment, pointing out that the establishment of this center represents an important step on the path to developing foreign investments in the country.
He pointed out the importance of commercial communication with various countries of the world and organizing relations in a way that achieves mutual benefit for all parties, especially since Iraq is about to re-join the World Trade Organization (WTO), indicating that this project comes as one of the achievements within the file of Iraq’s accession to the Federation of World Chambers of Commerce. Within the International Chamber of Commerce (ICC).
In turn, the Ambassador of the United States of America to Iraq, Elena Romanski, explained the importance of establishing the Coordination Commercial Arbitration Center and its impact on creating an ideal work environment, stressing that the cooperation of the Federation of Iraqi Chambers of Commerce with the Iraqi government yielded positive results that contributed to the establishment of this center and helps in achieving its goals of developing the development process. Comprehensive economic development in Iraq, the Arab region and the world.
Romanski pointed out that the role of the International Commercial Arbitration Center in Iraq revolves around resolving commercial disputes in a way that guarantees rights, and this, of course, brings benefits to the Iraqi economy and the world. She also highlighted the role provided by the United States Agency for International Development in promoting commercial and investment business, as well as the role it provides to pioneers. Businesses to create new projects and for their work to take an official character in trade will be cooperated with all institutions that provide development programs, including the Federation of Iraqi Chambers of Commerce.
The Advisor for International Organizations Affairs at the Federation of Iraqi Chambers of Commerce, Ahmed Al-Yasiri, gave a detailed presentation that reflected the number of activities organized by the Federation of Iraqi Chambers of Commerce during the program period and the efforts that reflected the interest and seriousness of the Union in this program. Al-Yasiri also reviewed the partnerships with government institutions and Parliament, as well as the international partnership with The International Chamber of Commerce (ICC) and the International Commercial Arbitration Court in Paris.
As for Falah Al-Jubouri, Director of the Entrepreneurship Center at the Federation of Iraqi Chambers of Commerce, he said: Iraq is on the verge of major international investments and trade cooperation, which requires strengthening the country’s economic capacity in a better way, ensuring transparency and integrity in business for foreign companies and investors in Iraq, and resolving trade disputes between the two sides in the event of In order to achieve this, a specialized international commercial arbitration center was established and has international arbitrators who have sufficient experience to resolve commercial disputes to guarantee the rights of both parties, or even sometimes some countries require specialized commercial arbitrators with international experience.
Al-Jubouri pointed out that Iraq did not have an international commercial arbitration center accredited by the International Commercial Arbitration Center in Paris, and that the Federation of Iraqi Chambers of Commerce took the initiative in cooperating with the United States Agency for International Development (USAID) to open an international commercial arbitration center based in the Federation after the Approval of the Iraqi Council of Representatives.
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