By Samuel Sukhnandan
Attorney General and Minister of Legal Affairs, Anil Nandlall, revealed on the latest episode of ‘Parliamentary Agenda’ that the Arbitration Bill is slated for its second reading in the National Assembly this Friday.
This legislative move aims to position Guyana as a prominent arbitration hub, potentially unlocking significant benefits for the nation.
Considered one of the most cutting-edge pieces of legislation, the Arbitration Bill incorporates key provisions outlined by the United Nations Commission on International Trade Law, which have received approval from CARICOM.
According to Nandlall, the bill has undergone thorough reviews by international law firms and is designed to promote arbitration as a preferred method for resolving disputes, surpassing traditional litigation.
Nandlall emphasized that once the bill passes, it will create opportunities for arbitration centers or companies offering such services abroad to establish operations in Guyana.
This influx of businesses is expected to contribute to the country’s revenue generation and economic growth.
The groundwork for the Arbitration Bill began in 2023 with the establishment of the arbitration unit.
This unit was tasked with drafting the bill and building capacity for its implementation through consultations and reviews.
After months of meticulous preparation, the government tabled the bill in the National Assembly in December of that year.
As Guyana continues its trajectory towards becoming a hub for arbitration, the passing of the Arbitration Bill represents a significant step forward in enhancing the country’s legal framework and attracting international investment.