May 1, 2011 was a historic day in Israel-Palestine business relations. On this day, business leaders from the Israel and Palestine Chapters of the International Chamber of Commerce (ICC) met in the Sheikh Jarra region of Jerusalem, pledging to create the Jerusalem Arbitration Centre (JAC). This will be the country's first arbitration centre, which will function under the aegis of the International Court of Arbitration of the ICC.
The Memorandum of Understanding signed between these two chambers and the ICC sets forth a number of conditions to be met by the Israeli and Palestinian Chambers, such as adequate neutral funding. On fulfilment of these conditions, the International Court of Arbitration and the ICC will provide training and advice to support the development and operations of the JAC.
Drafting of arbitration rules, selection of arbitrators and fulfilment of other such essential requirements will ensure that the Centre is not operational until 2012.
This MOU, however, is a welcome step in ensuring at least peaceful economic relations between Israel and Palestine. At present, Israeli courts are perceived by Palestinians to be biased. Thus this is a neutral method of resolving one kind of disputes (economic) between Israeli and Palestinian entities.
More details on this, as and when official, will be posted here.
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