Adelante: Argentine Senate Approves Model Law on Arbitration as the Country Seeks to Attract Foreign Investment
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- Argentina is in the process of modernising its arbitration laws to help attract business and investment.
- The Argentine Senate voted 43-to-1 to adopt the International Commercial Law bill, based substantially on the UNCITRAL Model Law on International Commercial Arbitration. The Senate’s decision clears the way for the House of Deputies to vote on the measure.
- This is one of two bills introduced into Parliament this year to reform the country’s approach to international and domestic arbitration.
- Together with the second arbitration bill under consideration, proposed changes would be a welcome reform to Argentina’s civil law. It would be a step forward in aligning Argentina’s arbitration framework with internationally accepted arbitration practice.