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Opening Ceremony of International Commercial Arbitration Court Branch in Vladivostok Slated for EEF 2019

27 August 2019
На полях ВЭФ-2019 состоится церемония открытия отделения  Международного коммерческого арбитражного суда во Владивостоке

The International Commercial Arbitration Court (ICAC) is slated to open a branch in Vladivostok on the side-lines of the 5th Eastern Economic Forum. The branch looks to become a centre of arbitration for entrepreneurs in the Far East region and is aimed at disseminating the best international arbitration practices and creating a favourable legal environment.

«The opening of an ICAC branch in the Far East is no accident. The regions economy is actively growing and trade and investment is increasing. And growing along with it is the need for an effective mechanism for resolving entrepreneurial disputes. This is confirmed by ICAC statistics, which show an annual increase in the number of cases involving companies from this region», International Commercial Arbitration Court Chairman Alexey Kostin said.

The ICAC at the Chamber of Commerce and Industry of the Russian Federation is one of the largest and most respected arbitration centres in the world with more than 85 years of history. Every year, 250300 international commercial disputes involving companies from 4050 countries are reviewed here, which exceeds similar indicators for most international arbitration centres, including the London Court of International Arbitration and the Arbitration Institute of the Stockholm Chamber of Commerce.

In 2017, as a result of reforms to the legislation on arbitration, the ICAC was granted the right to consider internal disputes with the participation of Russian legal entities and individual entrepreneurs along with international disputes and to form branches beyond its immediate location.

In 20172019, 17 ICAC branches were established in Vladivostok, Volgograd, Voronezh, Irkutsk, Kazan, Krasnodar, Moscow Region, Nizhny Novgorod, Perm, Rostov-on-Don, St. Petersburg, Saratov, Stavropol, Tyumen, Ulyanovsk, Ufa, and Chelyabinsk.

Issues related to protecting investor rights in the Far East will also be up for discussion as part of the EEF 2019 business programme.