Arbitration Law attracts, protects investments -— PM

AMMAN — Jordan was among the first countries to draft an international arbitration law, which contributes to attracting and protecting investments, Prime Minister Abdullah Ensour said Thursday.

Speaking at a conference in Aqaba on international arbitration, co-organised by the Ministry of Justice and UNDP, Ensour, who was deputising for His Majesty King Abdullah, stressed that Jordan drafted an independent and advanced international arbitration law in 1953 that matches similar laws in major economic powers. 

He said Jordan enjoys a distinguished judiciary system capable of dealing with all challenges and disputes that may arise between individuals and companies, citing the importance of this aspect in facilitating the work of investors in Jordan and protecting their rights, the Jordan News Agency, Petra, reported.

Despite previous and current challenges, Ensour said Jordan has succeeded in safeguarding its political, economic and legal stability which has had an immense impact on transforming the Kingdom into an investment attraction.

“We realised early on that improving and boosting investments requires drafting certain laws to settle disputes using alternative methods, including primarily arbitration laws,” the premier said.

He added that a set of laws were drafted in 2014, including the Public-Private Partnership Law and the Investment Law, which contain provisions granting investors the right to resort to arbitration and alternative dispute resolutions to resolve their cases. 

Minister of Justice Bassam Talhouni described arbitration and alternative dispute resolution as a “necessity” these days to meet the requirements of modern businesses that courts are unable to address individually.

During a separate session, Talhouni said his ministry has drafted a new arbitration law that is in line with the latest developments in the field and boosts confidence in Jordan’s legal system. 

Also speaking at the conference, UNDP Country Director in Jordan Zena Ali Ahmad said the agency believes in supporting Jordan, which is one of the few countries in the region that has managed to safeguard its stability, noting that the legal system is the pillar in maintaining stability and ensuring justice.