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In Brief: Kingdom to get first arbitration centre

In Brief: Kingdom to get first arbitration centre

The International Finance Corporation, a member of the World Bank Group, on Monday signed a Memorandum of Understanding with the Ministry of Commerce to establish Cambodia's first national arbitration centre to resolve commercial disputes. The agreement was inked Monday by Commerce Minister Cham Prasidh and Trang Nguyen, head of the IFC's Advisory Services in the Mekong. The proposed centre is to be the first commercial body in Cambodia to offer an alternative to the country's courts for dispute resolution and is expected to enable quicker and fairer resolution of disputes at a cheaper cost - thereby enhancing the private sector's comfort level when engaging in business transactions in the Kingdom, a press release stated Monday. Under the agreement, the IFC is to support the establishment and operation of the arbitration centre in its first three years, in collaboration with the Asian Development Bank and other partners. IFC support is expected to include advisory services in the selection and training of an initial group of arbitrators, establishing procedures for the body and supporting the centre's initial operations. nguon sovan

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