International Conference on Arbitration Development Issues

1 Apr '13

An international Conference organized by the Business Association of  Georgia and the European Arbitration Chamber was held at "Sheraton Metekhi Palace" Hotel  to discuss the "Perspectives of arbitration in Georgia; Role of Arbitration in Eastern European Countries and Observance of International Arbitration convetions in the Council of Europe Member States".
The aim of the conference was to overview the arbitration practice in Georgia and discuss the problems impeding its development. Within the frameework of the conference, those legislative initiatives have been raised, which, in the view of business association and experts, will foster formation and development of sucessfull arbitration in the country. Representatives of the European Arbitration Chamber shared their experience with their Georgian collegues.
"Successful practice of settling disputes through arbitration is just starting to develop in the Georgian business. Such a practice is already well-established in developed in countries worlidwide. Settling disputed through arbitration will prevent the parties from formal court procedures, cutting off business relations and conflict, will promote settlement of dispute thtrough mutually beneficial means by elaborating a new arbitration agreement, which in most cases guarantees its performance.
Georgian business Asssociation has already been working on legislative regulations related to arbitration for the last several years. A number of legislative initiatives have alredy been elaborated, one part of which has been reflected in the legislation, and the other part has been forwarded to the Ministry of Justice  and we are working on it. The  main objective of today's meeting is that all stakeholders interested in the development of private arbitration institute discuss the challenges arbitration is facing today" - stated Mr. Giorgi CHIRAKADZE, the President of the Business Association of Georgia.
Ms. Tea TSULUKIANI - Minister of Justice,  Mr. Alesandre BARAMIDZE - Deputy Minister of Justice, Mr. Giorgi CHIRAKADZE - President of the Business Association of Georgia, Johan BILLIET - President of the Association for International arbitration, Gennadiy PAMPUKHA President of the European Arbitration Chamber, Members of the Georgian Parliament, as well as the members of the Georgian Business Association, Georgian and foreign business representatives participated in the conference.
As Ms. Tea TSULUKIANI, Minister of Justice stated at the meeting, under the Minister's order, a working group on private law will be established in the nearest days designated to work both on arbitration and other legislative issues.