By NATARIO McKENZIE
Tribune Business Reporter
THE Ministry of Financial Services is finalising a Memorandum of Understanding (MoU) with the Bahamas Chamber of Commerce and Employers Confederation (BCCEC) to build the “capacity and framework” for domestic arbitration, the Minister of Financial Services revealed yesterday.
Speaking with Tribune Business at the second annual Arbitration and Investment Forum, Ryan Pinder said his ministry was moving on a “parallel track” for the advancement of both international and domestic arbitration.
Mr Pinder said: “Through the discussions at the Arbitration Council level we are formulating strategies and plans on the way forward for arbitration in the Bahamas.
“A few key areas have arisen. One of them was the professionals and the Chamber of Commerce looking to have a framework for domestic arbitration disputes, companies doing business in the Bahamas that may have disputes and want to arbitrate.”
Mr Pinder added: “We are moving to advance domestic arbitration and international arbitration, which may be a little different, but also could provide Bahamian professionals with opportunities, especially on the domestic side.
“We are working with the Chamber. We are negotiating a Memorandum of Understanding with the Chamber on how the Ministry of Financial Services and the Chamber can partner together and build capacity, but also to build a framework for domestic arbitration. Having the Chamber fundamentally involved goes a a long way to bringing it to the commercial sector.”
On the international arbitration front, Mr Pinder said his Ministry was looking at modernising the country’s legislation and forming strategic alliances with institutions such as the London Court of Arbitration.
“We have a proposal from an international consultant to look at our legislation, and secondly to act as the representative for the Government in negotiations with the London Court of Arbitration, for instance, and how we form a strategic alliance with an international arbitration centre like that,” said Mr Pinder.
“We find that to be very useful, so we are advancing on the international side, bringing in the technical expertise and engaging in discussions that need to be done.”