Iraq - Part I.K - Arbitration in the MENA
Originally from Arbitration in the MENA
[1.1] Current Status of the Law and Arbitration in Iraq
Over the last few years, the international community has been increasingly keen to explore potential investment opportunities in Iraq. During his tenure, Prime Minister Adil Abd Al-Mahdi committed to an economic plan that includes reforming Iraq’s state-owned enterprises, reducing bureaucratic bottlenecks, investing in key infrastructure projects, fighting corruption, and stimulating the private sector.
Foreign businesses have often voiced concerns about dispute resolution and the ability to obtain efficient, fair and final decisions in Iraq. Particularly in relation to disputes that arise out of or are connected with international agreements involving foreign counterparties, it would be logical to assume that arbitration as a form of dispute resolution would be welcomed as the only method to resolve such disputes. In parallel with arbitration being internationally perceived to be the best and most efficient method to resolve disputes, Iraq is also taking steps to embrace the modern concept of arbitration more fully. A draft arbitration law (the contents of which are being debated) is currently under consideration, and when approved finally, is hoped to replace and update the current provisions that govern arbitration that are scant, and are contained in the Iraqi Code of Civil Procedure.