Iraq joins the transparency in the arbitration agreement between investors and states

economy Since 18/02/2017 14:01 pm (Baghdad time)

Baghdad balances News
The Iraqi National Investment Commission, Saturday, on transparency in the arbitration agreement promissory between investors and states.
The head of the Sami al-Araji, said in a statement / balance News / received a copy of it, that "the Commission signed a transparency agreement in the arbitration promissory between investors and states, at United Nations Headquarters in New York City," noting that "bringing Iraq's second Arab state acceded to this agreement which preceded it 18 countries in the world. "

He said al-Araji, that "the signing of the agreement represents an important signal to the international arena that Iraq is committed to all the rules of transparency in international arbitration in case of dispute between the investors and the states," and expressed hope that "Iraq is essential to attracting capital and center."

He explained, "The agreement means all contracts between states and investors will come into effect some of the entry of two other members, you also need to the Iraqi parliament's approval."

He said the President of the Commission, that "there are steps that must precede resort to international arbitration which, compromise and domestic courts, such as the Commercial Court in Iraq and the Court of investment soon, in the absence of conviction decision can resort to international arbitration," explaining that "it is in the interest of both parties state and the investor. "

He pointed out that "this agreement is one of the five agreements we signed earlier, the legislative and the environment in Iraq became one of the best in the region and is an important message to reassure investors that his rights reserved and respect for the application of the results of international arbitration."

And on the differences between the Kurdistan Regional Government and the company Dana Gas, Araji said: "I have no comment, because I do not know the privacy of the contract between the Kurdistan region and Dana, and I apologize for the answer to this question is that I did not have the clarity of vision and science and privileges parties rights."

He stressed that "any economic or administrative reform against corruption always welcome by the central government and the Kurdistan Regional Government and the governments of the region process, and this is a fundamental goal we all strive to attract big investors and give more space for building and reconstruction through local and international Alasttmarin" .anthy 29 / A 43

Source