Memorandum of Understanding signed between ICC International Court of Arbitration and Georgia with the goal to establish the arbitration of the Chamber of Commerce. The Ministry of justice of Georgia released the regarding information.
The memorandum was signed by Justice Minister Tea Tsulukiani and International Court of Arbitration President Alexis Mourre on December 20 in Paris, France.
According to the Ministry of Justice, the state agency has been working for more than two years in order to attract the international institutions with high authority in the arbitration sphere to Georgia. The signing of this Memorandum allows Georgia to become the business and arbitration center of the region. Georgia has a good potential for this, which was repeatedly mentioned by foreign experts before the signing of the memorandum during the negotiation process conducted by the Ministry of Justice.