Iraq’s parliament debate over qualifying to join the New York Convention

Posted: July 4, 2013 in Iraqi Dinar/Politics
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04/07/2013 – 16:39

Committees discussed the economic and legal in the House of Representatives in the presence of representatives of the Baghdad Chamber of Commerce, discussed the possibility of Iraq’s accession to the New York Convention 1958, which is the point of arbitral consider trade disputes and economic crisis.

since concluded the year one thousand nine hundred and fifty-eight received the New York Convention on the recognition of countries the decisions of arbitration courts and implementation received a high turnout from various countries around the world, the Convention encourages air investment of the member states where they represent a point of arbitration between the investment companies and between countries working in it if they have a dispute between the parties, the Iraqi parliament discussed the possibility of Iraq’s accession to the Convention.

says Haider al-Rubaie of the room Trade Baghdad, in a statement to the Sumerian News: All investors for their entry into the Investment Map of Iraq when they watch Iraq has no arbitration international trade and go to another country.

adds Hussein Net of the Legal Committee: Iraq is not inside in this agreement and the convening of this conference was to ask all the visions and perceptions, of to put a mattress and wide in front of the Iraqi government to these perceptions in order to have a picture sharper and clearer.

Economic Committee in the House of Representatives expressed their objection to enter Iraq to the New York Convention, the Committee considers the Treaty on the arbitral tribunal may resort to it some of the companies and people who claim the existence of financial benefits to them owed ​​by Iraq since under the previous regime.

attached Abdul Salam al-Maliki of the Economic Committee, said: policy of the former regime introduced Iraq in many labyrinths and therefore there is a lot of international parties and the characters set up claims on Iraq, which is illegal for it fears Iraq not to enter this so as not to drag Iraq into committees arbitration and thus there are financial consequences ensue on the Iraqi side and harm the country.

Studies conducted by the States of the Organization to the New York Convention on the breadth of economic activity for these countries by as much as thirty to sixty percent

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