Egypt’s Ministry of International Cooperation and the Council of Arab Economic Unity have cooperated to establish the Arab Court of Arbitration at the council’s 111th session on 10 June.
Through this session, the council has approved the Arab Court of Arbitration’s joining the scope of the Arab Economic Unity as an independent regional entity, for the court to assume its role soon.
The court’s remit focuses on settling economic, trade, and investment disputes through arbitration between investors and countries. This is in addition to settling disputes between different countries, and conflicts between private sector stakeholders.
It is an independent regional entity that has all the privileges that guarantee the independence of carrying out its functions. This will take place in a way that supports growth of trade, economy, and investment among Arab countries.
In addition to settling disputes, the court aims to develop arbitration, and to enhance the provision of several services. These include: the establishment of an International Mediation and Arbitration Academy to develop international arbitrators; the establishment of an integrated library specialised in this field; and enhancing international trade arbitration across the region.
The academy shall be the inauguration of an arbitration training centre designed to hold training courses that cover legal and technical aspects, and facilitate resolving disputes. The Arab Court of Arbitration’s headquarters are located in the Egyptian capital, Cairo, with the potential for other branches to open across the region as well.
The court’s Board of Trustees is chaired by Abdel Wahab Abdel Razek, Speaker of Egypt’s Senate and former president of the Supreme Constitutional Court, and Farouk Sultan, former president of the Supreme Constitutional Court.
The Arab Court of Arbitration also encompasses a group of judicial and legal figures, public figures, and the most influential public figures of the region.
For her part, Rania Al-Mashat, Egypt’s Minister of International Cooperation and the country’s permanent representative to the Council of Arab Economic Unity, said that the inauguration of the Arab Court of Arbitration comes as part of the joint cooperation with the Council of Arab Economic Unity.
This cooperation aims to achieve regional economic integration through trade and investment by facilitating intra-trade relations among Arab countries.
The minister emphasised that the Arab Court of Arbitration will play a vital role in developing joint Arab action on the economic and trade levels, and will contribute in overcoming challenges and disputes.
On another note, Minister Al-Mashat further elaborated that the Council of Arab Economic Unity shall work to develop its mechanisms and objectives to fully restore its governance and achieve its objectives efficiently.
The Council of Arab Economic Unity was initially established as a specialised Arab regional organization in 1964, with its permanent headquarters in Cairo. In accordance with Article 3 of the council, it aims to organise and consolidate economic relations between Arab countries based on compatibility through natural and historical ties.
The council also aims to secure the best conditions for economic prosperity. The importance of these efforts lies in the need to strengthen economic unity among Arab countries by creating economic integration and by supporting countries in facing economic challenges regionally and internationally.