BARBADOS COULD BECOME a major player in the settling of international disputes.

Deputy Prime Minister and Minister of Economic Affairs and Development Mia Mottley said recently that a letter of intent was signed last week with the London Court of International Arbitration (LCIA), one of the three most respected arbitral bodies in the world.

"They are looking to open up their first ever regional branch office globally in Barbados where we can, from this location, service arbitrations for Latin America and the Caribbean.

"They are hoping to be able to continue this kind of activity but it is of significance for us that Barbados was the country with whom they first have entered this kind of relationship," Mottley told reporters during a Press conference at her Warrens, St Michael office.

Reminder

The minister recalled that Prime Minister Owen Arthur announced in this year's Economic Policy Statement that the country was "going after the development of arbitration services as a niche component" that would benefit the international financial services sector, tourism, and the business development services in law and accounting.

"We see this as a dedicated niche. Many companies today are opting to go for arbitration for the resolution of disputes as opposed to locating their cases within the domestic judicial systems and in the circumstances we feel that there is a tremendous opportunity for growth.

"Having a relationship with one of the most reputable arbitral bodies is obviously going to give us a significant platform to build this industry and we hope that we can sign the formal memorandum of understanding with them within the next three months as well as to start the aggressive promotion," she added.

She explained that arbitration case loads would be managed through the regional LCIA office and actual hearings of the arbitrational proceedings would also be done here.

"We expect that Invest Barbados will be working very closely with the Barbados Tourism Authority to promote Barbados as a perfect domicile. We feel that this would provide perfect economic opportunities in the medium term," Mottley said, adding that Barbados would host a major international arbitration conference next year with the LCIA.

The minister also disclosed that new arbitration legislation, governing both domestic and international arbitration, would be going to Parliament next month when they resume after summer recess. (DS)