Conference “Arbitration and Business Competitiveness”
The day, in online format, was closed by the Secretary of State for Commerce, Xiana Méndez, who stressed the role that arbitration must play in these moments of crisis.
The Spanish Court of Arbitration has organized the “Arbitration and Business Competitiveness” conference in which this instrument has been valued to contribute to business competitiveness, preferably of small and medium-sized companies, especially in uncertain scenarios such as the current one, marked by the covid-19 pandemic.
The day, in online format, was closed by the Secretary of State for Commerce, Xiana Méndez, who stressed the role that arbitration must play in these moments of crisis. “In a context in which an increase in litigation is expected This early commitment by Spain to arbitration and mediation can give two clear benefits: Spain's leadership could convert our country into a center of international arbitration services for the Ibero-American region; and secondly because efficient and effective commercial dispute resolution processes generate a clear positive impact in terms of competitiveness of Spanish companies and consequently also accompanying its internationalization process,” stated Méndez.
Previously, the president of the Spanish Court of Arbitration and the president of Cesce had participated in a round table on alternative conflict resolution systems in uncertain scenarios, in which both speakers had emphasized the advantages of these procedures, something that the president of the Spanish Chamber of Commerce had also highlighted at the opening of the day. “The success of arbitration is fundamentally due to the attractiveness of the notes that characterize it: impartiality, flexibility and efficiency; These qualities make arbitration a powerful instrument for business competitiveness; In fact, the greater the effectiveness of arbitration, the greater legal security it provides to the economy,” stated José Luis Bonet.
The day also highlighted the advantages in terms of speed and costs. “The arbitration procedure ends up being much faster: speed is another advantage. The average time in the Corta Española is 6 months, and furthermore the arbitration procedures are in a single instance; "In the face of a complex dispute, one cannot wait for years, the company will be defeated," said the president of the Spanish Court of Arbitration, Elena Otero-Novas.
All the speakers agreed that arbitration is an already consolidated conflict resolution system, but that it still needs to be promoted among SMEs. “It is a utilitarian, fast, cost-saving, specialized instrument, and large companies can use it. Cesce is a medium-sized company, but above all those who should use it the most are SMEs", and the more we explain the virtues and advantages, the more companies will discover it and as they discover it, they will use it," concluded Fernando Salazar, president of Cesce.
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