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BCCI Signed an Agreement with the Japan Commercial Arbitration Association


  • BCCI Signed an Agreement with the Japan Commercial Arbitration Association

     
    Sofia, 24 January 2011
    Wednesday 26 January 2011, by Emanuele G. - 198 letture 
    Today, the 24th January 2011, an Agreement was signed between the Bulgarian Chamber of Commerce and Industry (BCCI) and the Japan Commercial Arbitration Association (JCAA). The meeting preceding the official signing of the document was attended by Mr. Traycho Traykov Minister of Economy, Energy and Tourism, Mr. Evgeny Angelov, Deputy Minister of Economy, Energy and Tourism, Mr. Ognyan Donev, Chairman of the Confederation of the Employers and Industrialists in Bulgaria and Mr. Tzolo Voutov, President of Geotechmin Ltd. and member of the Management Board of the BCCI.
    During the meeting, Minister Traykov confirmed the intention of the Government to keep the lowest tax levels in the EU and to continue the process of reducing the administrative barriers for the business. Content was expressed with the signing of the Agreement and confidence that it will be another guarantee for the trust between the business circles in two countries. For Bulgaria the Agreement was signed by Mr. Tsvetan Simeonov, President of the BCCI and member of the Arbitration College of the Arbitration Court with the BCCI, and for Japan - by Mr. Kosuke Yamamoto, President of the JCAA.
    The previous Agreement between the two institutions dates back to 1961 and doesn’t meet the requirements of present day commercial arbitration and the conditions in Bulgaria as a member-state of the EU with working market economy. The new Agreement, besides cooperation in the field of arbitration, provides for cooperation in the field of mediation, conciliation and other alternative methods for settling of disputes. It is envisaged that the lists of international arbitrators of the two institutions will include arbitrators proposed by each of the countries. An invitation was extended to Mr. Yamamoto to visit Bulgaria and to get acquainted on the spot with the achievements of the Arbitration Court with the BCCI, especially in field of domestic arbitration. The invitation was happily accepted by the Japanese party.
    During the talks it became clear that the number of cases in the Bulgarian Arbitration Court is 10 times bigger than the number of cases in JCAA, due to the wider use of arbitration for the settling of domestic disputes. The two parties agreed to exchange and provide all the necessary information about the procedures and the current practices in the two countries, so that it will be available to any company which is interested in it.

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