International Court of Arbitration to resolve commercial disputes in Georgia

Georgia’s capital of Tbilisi will be the second city in Europe after Paris where the International Court of Arbitration will resolve commercial disputes.

A memorandum establishing the International Court of Arbitration in Georgia was signed today in Paris, France, obliging Georgia to adapt its legislation to international arbitration.

Chairman of the International Chamber of Commerce Court Alexis Mourre who signed the memorandum together with Georgian Justice Minister Thea Tsulukiani said:

This will be a very important basis for turning Georgia into a regional economic centre”, Georgian Prime Minister Mamuka Bakhtadze said.

The Ministry of Justice of Georgia has been working actively for two years to attract international institutions with high authority in arbitration in Georgia.

Tsulukiani said that the negotiations could not have been successful had the Georgian judiciary and court system not been in line with international arbitration standards and if Georgian judges not had the relevant qualifications and competence.

The goal is to turn Georgia into not only one of the successful countries in the region, but into an interesting place for regional business society – a place where it will be possible to resolve commercial matters of the region with specially-trained judges and rules designed to promote the rapid resolution of business disputes”, said Tsulukiani.

While talking about the region I mean not only the South Caucasus, but Asia Minor, Central Asia, Russia, Turkey and all other countries of the region which are interested in Georgia as the best country for doing business”, said Tsulukiani.