The MOU sets out a number of conditions to be met by the two ICC regional representatives, including confirmation of adequate neutral funding, in order for the JAC to be established. If these conditions are met, ICC and its International Court of Arbitration will provide training and advice to support the development and operations of the JAC.
“ICC’s mission to help ensure peace and prosperity through trade is especially relevant in this region,” said ICC Secretary General Jean-Guy Carrier. “The signing of this agreement is a first step in developing a means of resolving business disputes between parties in Israel and Palestine before a neutral forum. The long experience and expertise of the ICC International Court of Arbitration will help ensure the ultimate success of the JAC.”
The development of the JAC, including training of staff, selection of arbitrators, and drafting of arbitration rules is expected to take over one year. At the end of the development phase of the JAC, it will function as an independent, specialized arbitration institution tailored to Israeli-Palestinian commercial disputes and their unique circumstances.
“The ICC International Court of Arbitration is pleased to offer its support and the benefit of its long experience to the JAC project,” said John Beechey, Chairman of the ICC International Court of Arbitration. “The signature of this MOU is a signal of ICC’s intent and a first step towards the establishment of an arbitral institution to which users can turn with confidence as a truly independent and neutral forum for the resolution of Palestinian-Israeli business disputes.”