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Guyana to become arbitration capital of the Caribbean with realization of modern law – Nandlall
Kaieteur News – Attorney General and Minister of Legal Affairs, Anil Nandlall, SC has said the Government will be actively working to realise the establishment of a modern Arbitration Bill in the New Year.
“To be taken to the Parliament is the most modern Arbitration Bill in the Caribbean. In fact, it is described as a CARICOM model, because we intend to make Guyana an arbitration capital of not only the Caribbean but possibly Central America,” Nandlall told audience recently on his programme ‘Issues in the News’.
Attorney General and Minister of Legal Affairs, Anil Nandlall, SC.
The Attorney General noted that arbitration is the ideal method of dispute resolution for the oil and gas sector and a modern Legislation would instill confidence in International Investors that Guyana can be a competent arbitration hub.
He asserted that the Government is confident in its ability to provide the necessary infrastructure, educate the necessary employees, and prepare the system to deal with conflicts that may arise in the industry. In support of the Arbitration Bill, he highlighted that a series of training exercises commenced last year for Professionals, the Judiciary, and the Private Sector.
He explained, “sensitising the population of the concept of arbitration, the importance of arbitration, and the benefits we can derive from making Guyana an arbitration destination. Many of the huge contracts that are being entered, both at the level of infrastructure as well as in the oil and gas sector have arbitration clauses that require this arbitration to be taken to different parts of the world if the contracts require arbitration.”
AG Nandlall also noted that Guyana does not currently have a modern arbitration infrastructure to meet international standards.
“We intend to change that. The arbitration industry alone is a multi-billion-dollar industry.”
He noted too that the PPPC Government remains committed by repealing outdated laws and creating a contemporary legal framework. The Government has set out on a rigorous mission to modernise Guyana’s legal system.
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