The International Chamber of Commerce in #Iraq announced on 3 Nov 2024, the establishment of the #National_Committee for International #Arbitration within the country, highlighting the great benefits that this committee will provide to enhance the Iraqi business environment. This achievement was achieved with great support from the Iraqi government in particular from #PrimeMinister Mr. Mohammed Shia Al-Sudani, who is one of the main supporters of strengthening the Iraqi economy and modernizing its legislative structure.
Iraq’s accession to #ICC constitutes a strategic step for Iraq to benefit from the international arbitration system in settling #commercial_disputes, which contributes to improving the business climate and enhancing investment. The importance of updating Iraqi economic legislation to keep pace with international standards was emphasized, with the aim of achieving sustainable development and providing new job opportunities, which supports building a strong and stable economy.
With the international arbitration mechanism now available in Iraq, it is expected that this trend will contribute to attracting foreign investors and international companies to work in the Iraqi #market. This decision constitutes a qualitative step towards providing a safe and attractive investment environment, which enhances confidence in the national economy and encourages the flow of foreign capital to invest in Iraq.
The National Arbitration Committee in Iraq will coordinate with the International Court of Arbitration of ICC in Paris, and will also work to establish a #localarbitrationcenter_affiliated with #Paris_Chamber, to be a platform for resolving commercial disputes within Iraq. It is noteworthy that “Etihad” firm is one of the members of the committee, represented by the managing partner Ahmed Alhankawi
