The initiative will see the establishment of the International Centre for Dispute Resolution (ICDR) Ireland in Dublin – a new Europe, Middle East and Africa (Emea) hub for international commercial arbitration.
It will include an advisory board and a panel of Irish arbitrators available to handle cross-border disputes, it said.
The announcement was made at the Irish Consulate in New York today by Enterprise, Tourism and Employment Minister Peter Burke alongside Bridget McCormack, president and chief executive of the American Arbitration Association (AAA) and its international arm, the ICDR.
Ireland plays an increasingly important role in global commerce
The move is expected to strengthen Ireland’s offering to US multinationals, with the Government positioning international arbitration as a key component in attracting and retaining foreign direct investment.
“Ireland has built its reputation as a trusted, rules-based and business-friendly location for international companies, and the development of ICDR-Ireland further strengthens our position as a gateway for US firms operating across Europe, the Middle East and Africa,” Mr Burke said.
“The Government continues to work with partners to develop Ireland as a leading international arbitration hub, complementing our strong legal system, pro-enterprise environment and deep economic ties with the United States.”
The ICDR, which operates as the international division of the AAA, handles alternative dispute resolution (ADR) cases involving parties from more than 100 countries, it said. Ms McCormack said the new Dublin-based hub would support businesses managing disputes across multiple jurisdictions.
“We are pleased to establish ICDR-Ireland to support businesses navigating cross-border disputes across Emea and around the world,” she said.
“AAA-ICDR is uniquely suited to support the international business community with deep practice area expertise and an expanding array of technologies to help scale ADR solutions.”
Ms McCormack added that Ireland’s role in global commerce continues to grow, citing the presence of more than 970 US companies in the country.
“With more than 970 US companies operating in Ireland and a vibrant international business community, Ireland plays an increasingly important role in global commerce,” she said.
“We look forward to providing access to world-class ADR services that support innovation, investment and durable commercial relationships.”
Separately, Irish barrister Cian P Kelly has been appointed to the AAA-ICDR Council, becoming one of only three European members. He will also chair the ICDR-Ireland advisory board.