The IBA’s International Arbitration Day will be held in Madrid on Friday 2nd March 2007.  Supported by PromoMadrid, the event timely coincides with Madrid’s continued campaign to promote itself as a seat for international arbitration.

Following last December’s signing between PromoMadrid, the region’s international economic development agency, and the regional Ministry of Justice and Home Affairs, Madrid’s objective to establish itself as a main seat for international commercial arbitration is underway and is certain to gain prominence as the IBA’s International Arbitration Day is to be hosted in the region.

Madrid, already a key arbitration location, is gaining international recognition, increasingly being viewed on a par with other already-established seats such as London, Paris and New York.  Madrid, however, will be of particular interest for disputes with an Iberoamerican element, due to the common shared language with the most part of Latin America, legal tradition and strong business links.  Due to increasing commercial links and geographic proximity, it is also an ideal location for disputes in relation to the Arabic world.

The establishment of Madrid as a leading player in international arbitration is also likely to be reinforced with the construction of the new Campus of Justice, to be completed in 2010, and which will be the largest judicial complex in Europe. The building area of more than 300,000 m², dedicated to housing justice courts, tribunals and associated administrations will have an area for the sole use of arbitration settlements and other alternative dispute resolution matters.

The forthcoming IBA’s International Arbitration Day in Madrid is sure to give further impetus to the promotion of Madrid as an arbitration seat.  This is the first time that this event of global importance in the legal arena has come to Spain and is recognition of the efforts made by the Regional Government of Madrid in its transformation into a Southern European nucleus for international arbitration. 

Speakers and moderators from more than 13 countries will be present at the event, participating in a programme that offers an excellent opportunity to keep informed of key developments in international arbitration as well as networking opportunities with leading practitioners in the field.  The day shall draw to a close with conclusions from Alfredo Prada, Second Vice-President and Minister for Justice and Home Affairs of the Regional Government of Madrid, and from the Justice Minister of Spain.  The evening shall provide further networking opportunities for its delegates at the cocktail reception sponsored by PromoMadrid to be held at the museum and cultural centre, Casa de América.

For further information regarding Madrid as a seat for arbitration, please contact PromoMadrid at information@promomadrid.com.