The first dedicated Israeli-Palestinian center for resolution of commercial disputes between businesses located in Palestine and Israel is launched in East Jerusalem. The Jerusalem Arbitration Center is a branch of the International Chamber of Commerce and was initiated within the framework of PIBF, the Palestine International Business Forum, an initiative supported by NIR.
The centre is located in east Jerusalem and headed jointly by Oren Shachor, president of the International Chamber of Commerce Israel and Munib Al-Masri, a Palestinian businessman. The Jerusalem Arbitration Centre will be an independent institution for legal arbitration, but bases its decisions on the ICC guidelines and procedures. This brings the advantage of the neutrality and credibility of a third party with international repute to the operations.
Business people on both sides hope that the Jerusalem Arbitration Centre will encourage more trade between small and medium-sized Israeli and Palestinian companies. For Israel, business with Palestinian companies are a way to expand trade with the Arab world; and for Palestinians, the Israeli market offers opportunities to trade with Europe and the United States.
Reuters reports on the launch here.