New Arbitration Law in Panama

With this legislation, the country will be able to develop a new business sector and establish itself as an international center for arbitration.

Friday, January 24, 2014

Recently, the country approved a law to regulate domestic and international arbitration. This will allow Panama to position itself as an international arbitration center, thanks to its logistics development, infrastructure and connectivity.

The local economy will benefit as "very high profile people, at a certain executive level will come to stay in hotels, airlines will also benefit from the purchase of air tickets, as well as restaurants, shops, transport ..." said Liliana Sanchez, director of the Center for Conciliation and Arbitration of Panama.

"We'll be competing with cities such as Miami and we will probably win over a lot of countries in the region because of logistical issues."

"It may be that Panama as a country is chosen as the venue for international arbitration and not necessarily managed by the Center for Reconciliation of Panama, but by international organizations, because the parties may chose the Panamanian law because it is a good law for arbitration ... ".

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