By NATARIO McKENZIE
Tribune Business Reporter
THE Bahamas is aiming to adopt the United Nations (UN) model law on arbitration, Cabinet minister said yesterday.
Brent Symonette, who was speaking at the opening of Royal Fidelity's Economic Outlook conference, said: "We hope to adopt the UNCITRAL model of arbitration.
"We can bring arbitration here as an alternative for dispute resolution.We will look at the whole question of arbitration while still maintaining a dual system for local arbitration as opposed to international arbitration."
The comments by the Minister of Financial Services, Trade and Industry and Immigration came after the sixth annual arbitration and investment summit on Monday. Speaking with Tribune Business last week, Datuk Professor Sandra Rajoo, director of the Kuala Lumpur Regional Centre for Arbitration (KLRCA), recommended that the Bahamas adopt the United Nations model law on arbitration and have a single regime for domestic and international arbitration. His comments were backed by Dr Peter Maynard, the host of the arbitration summit. There are 78 countries in the world that have adopted UN model law. This is designed to assist states in reforming and modernising their laws on arbitral procedure, accounting for the particular features and needs of international commercial arbitration.
Mr Symonette said that as a signatory to the European Union (EU), the United Kingdom's exit will have an impact on this jurisdiction. He said: "BREXIT poses some challenges as we look at the impact on trade, foreign direct investment and other technical assistance for a small island nation like the Bahamas and the rest of the Caribbean. It touches on many issues that my ministry has to deal with."