Event report • Members
Signature of the memorandum between the International Chamber of Commerce and the Court of Arbitration in Paris.
Creation of arbitration of the International Chamber of Commerce in Georgia.
Signature of the memorandum between the International Chamber of Commerce and the Court of Arbitration in Paris.
20 December 2018
Justice Minister Tea Tsulukiani and Arbitration Tribunal Chair Alexi Moore signed a memorandum on December 20, 2018 between the International Chamber of Commerce and the Arbitration Court of Georgia to create the Arbitration Court of the International Chamber of Commerce in Georgia.
The Ministry of Justice has been working for more than two years to attract international institutions with high arbitration authority in Georgia. The signing of this memorandum allows Georgia to become a center of business and arbitration in the region. 'Georgia has great potential', which has been mentioned several times by foreign experts in the negotiation process of the Ministry of Justice before the signing of the memorandum.
This memorandum establishes a common framework of cooperation with Georgia and the International Court of Arbitration, which states that the parties must commonly collaborate to promote Georgia as a regional arbitration center and remedy in Georgia. ICC in cooperation with the Government of Georgia is also ready to conduct various educational and academic programs in the country, as well as at local and regional level. The Court is also examining the possibility of institutional cooperation with the International Arbitration Center of Georgia. More importantly, one year after the promulgation of the memorandum, the parties will meet to evaluate the results of the cooperation.
Establishing an Arbitration Center in Georgia allows Georgia's legislation to comply with international arbitration practice and standards, good practice in arbitration resolution and alternative judgments.
The arbitration amendments prepared by the Ministry of Justice played an important role.
The Minister of Justice, Tea Tsulukiani, said that after evaluating and summarising the work and efforts made one year after the signing of the memorandum, the parties will take the decision to define the form in which the international chamber of international chambers will establish his representation in Georgia.
