PM: Govt focused on making Bahamas a leading arbitration center

Prime Minister Dr. Hubert Minnis yesterday committed the government to charting a new course to develop a uniquely Bahamian model that would position this jurisdiction as a leading center for international commercial arbitration in the Americas.

He opened the Ministry of Financial Services, Trade & Industry and Immigration’s Alternative Dispute Resolution (ADR) Forum, which was held virtually yesterday.

Minnis said in charting a new course, the ADR industry has partnered with the government to develop a model that encompasses all forms of alternative dispute resolution, ensuring that it is competitive and successful.

“What does it mean to chart a new course? For The Bahamas, we are primarily focused on establishing our jurisdiction as a leading center for international commercial arbitration in the Americas. We are on the cusp of The Bahamas becoming a United Nations Commission on International Trade Law (UNCITRAL) Model Law jurisdiction, once the International Commercial Arbitration Bill, 2018 is enacted,” he said.

“This is a key step to accomplishing our aforementioned goal. We also recognize that for The Bahamas to successfully compete as a dynamic jurisdiction for international commercial arbitration, we must expand our efforts to also include other forms of ADR.”

The draft International Commercial Arbitration Bill, 2018 is expected to be released soon for industry consultation.

The Ministry of Financial Services, Trade & Industry and Immigration has prioritized the development of a proper and competitive arbitration regime and has set its sights on seeing the bill tabled in Parliament this fiscal year.

“The government intends to enhance the existing ADR legislative framework through the introduction of legislation that supports international commercial arbitration, domestic arbitration, as well as international and domestic mediation and construction adjudication,” the prime minister said yesterday, 

Last year, Minister of Financial Services, Trade & Industry and Immigration Elsworth Johnson announced that his ministry had hired an arbitration consultant to oversee the rollout of an ADR framework.

Johnson said the establishment of an ADR framework in The Bahamas would make the jurisdiction more attractive to international investors and improve this nation’s position as a leading international financial center.

The ministry is also seeking to have tabled in Parliament, the Bahamas Domestic Arbitration Act with amendments this year.

On the ministry’s legislative agenda for next year is the enactment of the International Mediation Bill, the Domestic Mediation Bill and Construction Adjudication Bill. 

The Bahamas has been a member state of the International Centre for Settlement of Investment Disputes since 1995. The Bahamas also became a member state of the Permanent Court of Arbitration in June 2016.

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source https://thenassauguardian.com/pm-govt-focused-on-making-bahamas-a-leading-arbitration-center/