Working discussion on ''Prospects for Development of Arbitration in Armenia''

Attaching importance to the development of arbitration in Armenia and the steps undertaken in this sector, as well as the involvement of interested structures in the development of this sector, on 8 August, a working discussion on "Prospects for Development of Arbitration in Armenia" was held at the initiative of First Deputy Minister Rafik Grigoryan.

Greeting the participants of the discussion, the Deputy Minister emphasised that, in the context of development of the sector, this professional discussion is aimed at discovering the opinions and recommendations of specialised sector-specific representatives and that summarisation of the opinions and recommendations will provide the opportunity to establish a reliable, viable and effective arbitration institution, which will significantly ease the workload of the judiciary.

The need for improvement of the law on arbitration, was discussed, and the possibilities of the establishment of institutional and professional arbitration centres, the prospects for development of alternative means for settlement of disputes were touched upon, as well as the main directions of the draft Law “On arbitration institutions in the financial system” and related draft laws were considered during the meeting.

Afterwards, the participants discussed their comments and suggestions.

Representatives of the Supreme Judicial Council, the Central Bank, the Union of Banks, the Armenian General Benevolent Union, the State Commission for the Protection of Economic Competition, as well as advocates, arbitrators, lecturers, organisations providing legal services, representatives of the Office of Financial System Mediator, deputies of the National Assembly and others participated in the meeting.