Arbitration Bill to Boost Guyana’s Business Environment

The passing of the Arbitration Bill (2023) positions Guyana to enhance its appeal to investors and establish itself as a hub for international and local arbitration. According to Minister Oneidge Walrond, this legislative development will foster a more business-friendly atmosphere, drawing in foreign investment and simplifying the resolution of commercial disputes. The bill aligns with international standards, incorporating provisions from the United Nations Commission on International Trade Law (UNCITRAL) and the Caribbean Community (CARICOM), potentially opening lucrative avenues for earning foreign currency similar to the UK's arbitration sector.