ICSID is pleased to announce that it has entered into an Agreement on General Arrangements with the Arbitration and Mediation Center of the Quito Chamber of Commerce (Centro de Arbitraje y Mediación de la Cámara de Comercio de Quito (CAM-CCQ)). The agreement was signed by Meg Kinnear, Secretary-General of ICSID, and Carlos Loaiza Montero, President of Quito Chamber of Commerce (Cámara de Comercio de Quito (CCQ)).
The Agreement is based on Article 63 of the ICSID Convention and provides for the possibility of holding ICSID hearings at the Arbitration and Mediation Center of the Quito Chamber of Commerce’s facilities, reinforcing ICSID's truly global presence and services. The Agreement also encourages knowledge sharing between ICSID and CAM-CCQ related to arbitration, conciliation, mediation and other methods of dispute resolution.
“Ecuador has taken remarkable steps to boost foreign investment and international trade, including by recently ratifying the ICSID Convention,” said Meg Kinnear, adding that “the Arbitration and Mediation Center of the Quito Chamber of Commerce serves an important role in that context as first-class center for resolving commercial disputes”.
“Having seen CAM’s impressive facilities in Quito, I look forward to making them available to ICSID parties,” stated Ms. Kinnear.
Ms. Kinnear met with Ecuadorian government officials and representatives of the private sector to discuss the benefits of joining ICSID earlier this year.
“The agreement between ICSID and CCQ is an important milestone in the advancement of alternative justice administration, since it will enable disputing parties to come to Ecuador to resolve their disputes,” said Mr. Loaiza .