Yemen, GCC cooperate in commercial arbitration [Archives:2004/786/Business & Economy]
In a move aimed develop bilateral relations, The Yemeni Chambers of Commerce has agreed with the center for Commercial Arbitration of the Gulf Cooperation Council (GCC) on activating the joint protocol signed by the Yemeni Center for Arbitration and the Gulf Commercial Arbitration Center.
The agreement will result in more exchange of information and participation in workshops of work and training and other areas of cooperation.
The original joint protocol was signed by the two parties in 1998.
The agreement came in a meeting between director-general of the Yemeni Chambers of Commerce Khalid Ahmed Afif and the secretary-general of the Gulf center for Arbitration Dr Nasser al-Zaid held in Salala, Oman recently.
The Gulf side to the talks announced it had found an understanding from the Yemeni side about the importance of activating the protocol and setting up a mechanism for its development.
The protocol includes six items. The first item stipulates the two parties' cooperation for rendering the commercial arbitration a means for settling disputes resulting from international trade deals, in conviction by the two sides that resorting to arbitration through speedy, fair and economic measures would grant trust and stability to international trade. According to this article the two sides would work for encouraging the broader use of arbitration under their auspices by means of lectures, conferences, symposiums and other available means.
The second article of the protocol stipulated that the other party should offer administrative services and facilities and take steps wanted from it regarding procedures of arbitration, while the second party asking for those facilities would bear expenses and costs entailed by those facilities and services.
As for Article 3 of the protocol, there would be an exchange of publications, rules and regulations relevant to the two centers' activities, as well as exchange of visits to be acquainted with each other's experiences. The fourth article stipulates that the party organizing conferences or symposiums connected to issues of reconciliation and arbitration or those related to trade, banking and financial disputes, or disputes concerning investment, would ask the other side to take part in those events.
As part of endeavours aimed to develop cooperation between the two centers, the Yemeni center is interested in benefiting from courses and symposiums held by the Gulf Center.
In this regard the fifth article mentions that the two sides should coordinate for conducting necessary procedures for each activity separately provided that the Yemeni center would bear the cost of travel and residence of Yemeni trainees and the Yemeni center shall be informed on dates of those activities programs.
The sixth article of the protocol says the two parties have agreed to hold consultations between the two centers for coordination and unification of their vision versus what occur in the Arab and international conferences.
For this end, Yemen has embarked on revising a number of policies aimed at preparation for the adoption of the system of unified qualifications and tests approved by the GCC countries in order to enter with them in a unified working policy.
The ministry of social affairs and labour would reconsider the situation of the labour market in Yemen in cooperation with the International Labour Organization to activate the national strategy for employment that has recently been held in Sana'a.