Abu-Ghazaleh, Keynote Speaker on ‘Role of Mediation and Arbitration’ international Conference ‘Arbitration is a Benchmark for Investment
AMMAN – HE Dr. Talal Abu-Ghazaleh, founder and chairman of Talal Abu-Ghazaleh Global (TAG.Global), has participated as a keynote speaker at the first Cairo International Conference on the ‘Role of Mediation and Arbitration in Dispute Settlement and Achieving Sustainable Development’, under the patronage of the International Meditation & Arbitration Center (IMAC), held with the presence of a host of high-ranking personalities, as well as elite of experts, speakers of parliaments, secretary generals of political parties and other related committees.
Dr. Abu-Ghazaleh participated in this important conference in his capacity as a renowned global economist, who chairs the UN Task Force on harmonizing professional qualifications, and who has been chosen as Vice- Chair to the UN Secretary General Ban Ki-moon, of the Global Compact. He was also a member of the Association for International Arbitration for half a century, and a member of the International Chamber of Commerce (ICC) in Paris.
In his speech, Dr. Abu-Ghazaleh asserted the urgent need for arbitration as it has become the most powerful tool for resolving disputes, particularly conflicts that may harm the involved parties, and those around them. Dr. Abu-Ghazaleh believes that arbitration is a judicial process within the judicial system, as it achieves the same level of justice. It provides a fair way for resolving disputes in light of international laws contradictions and complications, Dr. Abu Ghazaleh said, adding, that it also assists in maintaining mediation privacy in a friendly atmosphere. That is in addition to the fact that its judgements will continue to serve the best interests of the disputing parties even after a while.
Dr. Abu Ghazaleh also pointed out that the most important aspect of arbitration is the promotion of international investments because it is used as a benchmark for the investment environment alongside the World Bank’s Standards.
Dr. Abu-Ghazaleh proposed during his speech the ‘establishment of technical committees’ to provide support to arbitration systems in every country, whose core mission is to develop governing legislation of arbitration, to study time limits and deadlines, to set controls to avoid procrastination, to identify cases where issued arbitrations decisions could be overturned, and to establish an arbitration system under the League of Arab States and its organizations.
Dr. Abu-Ghazaleh made another recommendation on the need to develop an arbitration induction program for businessmen, proposing as well a consensual arbitration system for the three regions (Africa-Mediterranean-Europe) as a new experience in his capacity as a La Verticale Chair, underlining at the same time the importance of developing a certified expert in Arbitration diploma.