The Bucharest Commercial Arbitration Court (CACB), a permanent arbitration institution, which has the competency to solve business and commercial disputes in all sectors of the economy, is launched on the 150-year anniversary since the establishment of the Capital’s first Chamber of Commerce, Sorin Dimitriu, Chairman of Bucharest’s Commerce and Industry Chamber (CCIB), pointed out on Monday at the launch event of this arbitration court.
“We enjoy competition and we are entering the competitive market of arbitration courts with the desire to bring additional, integrated services to companies, as compared to other similar institutions. Arbitration has increasingly become in the whole world, the solution sought after by companies in settling commercial disputes. We have a team of professionals. We will promote the Bucharest International Arbitration Court in various forms in order to address the needs of our members, and not only. The value of traditions represents a strong suit for us,” Sorin Dimitriu.
“Bucharest was one of the few European capitals without its own arbitration court, and the BIAC initiative is addressing the companies’ needs. Besides the reduced time for settling the disputes, this institution benefits from well-known international arbitrators who are specialized in international commercial law. In Courts, lawyers tend not to enjoy such trials. I believe mainly because of the fees. Another reason is because of the arbitration’s expansion to geographical areas in which Romanian companies activate,” Victor Babiuc, Chairman of the Bucharest Commercial Arbitration Court said.
The launch of the Bucharest Commercial Arbitration Court due to function by CCIB is part of a series of events which mark 150 years of the Chambers’ existence (1868) and 110 years of functioning of the Arbitration Court.
The Bucharest Commercial Arbitration Court by the CCIB was reestablished in 2008, in compliance with European norms. In the 2009-2016 interval, the Bucharest Commercial Arbitration Court with the CCIB functioned within Romania’s Court of International Commercial Arbitration with the Romanian Chamber of Commerce and Industry.