(MENAFN - The Peninsula) By Satish Kanady I The Peninsula
The Qatar International Court & Dispute Resolution Centre (QICDRC) and the World Bank's International Centre for Settlement of Investment Disputes (ICSID) signed a Cooperation Agreement that outlines strategic cooperation in the field of investment dispute resolution.
As per the agreement, QICDRC and ICSID will be able to conduct all or any part of arbitration proceedings at the seat of their respective centres. Each party will benefit from prioritised access to the facilities and services offered at the other party's centre, including meeting rooms, offices, and interpretation and translation services.
The Cooperation agreement was signed by QICDRC's CEO, Faisal Rashid Al Sahouti, and ICSID's Secretary-General, Meg Kinnear.
Commenting on the Cooperation Agreement, Al Sahouti said: 'This new partnership will catalyse the dissemination of knowledge between our court and ICSID in the areas of arbitration, conciliation and other alternative methods of dispute resolution. The cooperation agreement is of great importance as it allows us to continue our growth and expansion plans to establish the Court as a regional and international hub for dispute resolution.
He added: 'QICDRC seeks to activate the mechanisms of enforcement of judicial decisions at the international level. It is well known that adherence to the rule of law at the international level requires a lot of work and cooperation between States and international institutions that believe in the importance of strengthening the rule of law.
The QICDRC CEO said: 'Our aim is to provide a global model for an effective judicial system which adopts international best practices in arbitration and dispute resolution to advance Qatar's profile as an advocate for the rule of law.
Kinnear said that international investment arbitration is increasing around the globe, including in the Middle East. 'We are delighted to have this opportunity to discuss the ICSID system with practitioners in the legal community of Qatar and to enter into a cooperation agreement with the Qatar International Court.
For QICDRC, the agreement provides an increased level of recognition as a regional and international centre for investment arbitration and dispute resolution. On-going cooperation between the institutions will advance Qatar's profile as an advocate for the rule of law and a leader in the global judicial system that adopts international best practices in dispute resolution.
The new partnership will accelerate the dissemination of knowledge between QICDRC and ICSID about arbitration, conciliation and other alternative methods of dispute resolution. It will also pave the way for cooperation in international areas of interest of both parties in the future.
QICDRC is a world-class international court and dispute resolution centre. Headquartered at the World Bank Group in Washington D.C., ICSID is considered the world's leading institution devoted to international investment dispute settlement.