The Bahamas’ political and economic stability, strategic geographic proximity to North, Central and South America, and entrenched tradition of democracy make it an ideal location for the establishment of an Arbitration Hub servicing the Caribbean and the Americas.
Over the next few months, the Ministry of Financial Services, Trade & Industry and Immigration will work towards the creation of an international arbitration centre in The Bahamas by implementing the following measures:
- the adoption and enactment of the UNCITRAL Model Law;
- reforms to facilitate the entry and practice of international arbitrators in The Bahamas;
- capacity building for local professionals.
On 13th June, 2016, The Bahamas signed the 1907 Convention for the Pacific Settlement of International Disputes, becoming the 120th Member State of the Permanent Court of Arbitration (PCA). The PCA is an intergovernmental organization that provides a forum for the resolution of international disputes through arbitration and other peaceful means. The Government of The Bahamas views Membership of the PCA as an important step towards becoming a viable and internationally respected Arbitration Hub, as the work and mandate of the PCA will greatly complement that of the international arbitration centre.