(We have been waiting for this. This is also needed by the WTO and was already done before the WTO made their big announcement about Iraq being fully ready to join the WTO last week.)
The International Chamber of Commerce (ICC) in Iraq has reportedly established a local arbitration committee, aimed at minimizing financial losses from external arbitration and attracting foreign investors.
Mohsen Al-Humaidawi [Mohsin Al Hamed], Head of ICC Iraq, told the state-run Iraqi News Agency (INA) that the new committee, announced at the International Trade and Arbitration Forum in Baghdad, is backed by the Iraqi government and Prime Minister Mohammed Shia Al-Sudani.
He highlighted the collaborative efforts with the Iraqi Federation of Chambers of Commerce and the Ministry of Trade to obtain the ICC license, adding that the initiative is expected to increase investor confidence in Iraq’s legal framework and strengthen international economic relations.
The ICC opened a local branch in Iraq in July.
