IRELAND IS to make an effort to host the out-of-court settlement of major commercial disputes, which deal with billions worth of business annually.
Currently, commercial arbitration is centred in London, New York and Paris, but the Government is now to produce legislation that will allow Ireland to compete.
Minister for Justice Dermot Ahern will shortly publish legislation guaranteeing that arbitrated settlements are final and not subject to legal challenge later.
The Taoiseach, Brian Cowen, speaking before 750 top arbitrators in Dublin for the International Council for Commercial Arbitration, yesterday promoted Ireland as a location.
"A new Consolidated Arbitration Bill will be published within the next few days and we hope it will be passed into law within the next 12 months," he told delegates.
International arbitration is now big business, and the Department of Justice believes that it could become a significant part of the Irish Financial Services Centre's future business. Arbitration is secret, often more flexible and cheaper than courts, cannot generally be appealed, and protects companies doing business where the rule of law is weak.
