Panama makes progress in matters of arbitration

Lecturers and participants from 14 Latin American countries attend arbitration congress.

Tuesday, September 9, 2008

Panama has made important steps in matters of arbitration regarding a law dating back to 1999 which was included in the latest constitutional reform carried out in 2004.
The country has the largest maritime center in the world and any discrepancies between shipping agents and businesses may be resolved in Panama instead of turning to a court in London, Paris or New York.

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New Arbitration Law in Panama

January 2014

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

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.

Panama's Potential as an International Arbitration Center

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The country has the optimal geographic location, adequate infrastructure, modern legislation regarding these matters, and lawyers specializing in international commercial litigation.

According to Roman Feoli firm partner at Feoli & Co., "Panama has all the tools necessary to make this activity one of the largest in the country, all that remains is to make the decision as a country to achieve this goal and start to promote ourselves around the world. "

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The law enhances competitiveness and promotes a business climate in the country, says the government.

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Salvadorean businessmen fear that a proposed change in the arbitration law might place in danger judicial security and the arrival of investment in their country.

"The deputies take two years to pass a law that encourages economic development of the country and two hours to consider one that's going to ... undermine judicial security," said Jorge Daboub, president of the national Chamber of Commerce.