2024 - Sustainable Industrial Processing Summit
SIPS 2024 Volume 3. Dibra Intl. Symp / Laws & Their Applications
| Editors: | F. Kongoli, H. Carter, Y. Hayakawa, B. Jedlickova, M. McNeil, M. Nolan, E.S. Pana, D. Shanley |
| Publisher: | Flogen Star OUTREACH |
| Publication Year: | 2024 |
| Pages: | 268 pages |
| ISBN: | 978-1-998384-08-2 (CD) |
| ISSN: | 2291-1227 (Metals and Materials Processing in a Clean Environment Series) |
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MODERN ASPECTS OF ARBITRATION IN THE CURRENT FREE MARKET CONDITIONS OF ALBANIA
Flutura Kola Tafaj 1; Silvana Çinari1;1UNIVERSITY OF TIRANA, Tirana, Albania;
Type of Paper: Regular
Id Paper: 396
Topic: 61
Abstract:
In the 1990s, Albania moved from a centralized economy towards a free-market economy. Since then, Albania’s economic policies have been oriented towards openness to foreign investors and improvement of the business climate, which are the main promoters of economic growth. The political and economic changes went hand in hand with the legislative ones. An effective justice system is crucial for improving the business climate and increasing foreign investments. Therefore, besides enacting new laws that would strengthen the judicial system, the Albanian legislator also reintroduced arbitration that would provide the business community with a neutral forum for dispute resolution capable of being designed according to their needs.
This presentation aims to delve into the specific aspects of arbitration throughout the different political regimes in Albania, focusing particularly on the features of the new arbitration law enacted recently after decades of legal vacuum. After discussing the trends and challenges of the new Albanian arbitration law, it is concluded that it comes at a time when it is highly needed by the business community, considering the huge backlog of the Albanian courts mainly due to the judicial reform process.