Kuwaiti Minister of Trade and Industry Dr. Abdullah Al- Salman met Tuesday with Secretary-General of the Gulf Cooperation Council (GCC) Commercial Arbitration Centre (GCCCAC) Tareq Al- Shumaimry on topics of mutual concern.
Speaking to KUNA on the sidelines of his visit to the GCCCAC in Bahrain, the Kuwaiti minister underscored the significance of joint coordination and cooperation with the arbitration center.
The GCCCAC chief, in turn, elaborated the center’s work and accomplishments since it was launched in March 1995, saying that it was established under an international agreement between the GCC leaders, and declared during a GCC summit in Riyadh in 1993.
He also expounded the arbitration center’s activities and services offered to customers, as well as the commercial conflict resolution mechanism.
The GCC leaders (GCC Supreme Council) approved the establishment of the GCC Commercial Arbitration Centre and the Centre’s Constitution at the 14th Summit Conference held in Riyadh between 20-22nd December, 1993.
The Centre is considered a regional arbitration authority which is independent from the six GCC member states, including the host state. It has an independent legal entity and enjoys administrative, financial and technical independence. The center is considered one of the GCC organs. – KUNA