Madrid has kicked off a campaign intended to make the city a seat for international arbitration.
The Spanish capital’s efforts to establish itself as a leading global player comes as international arbitration starts to establish itself as the favoured choice for resolving cross-border disputes.
Spain’s Ministry of Justice, which is based in Madrid, seized the opportunity to cement a position as an international seat after it saw an increase in Iberoamericans approaching the seat to deal on global issues.
The impetus to take a worldwide focus also follows Madrid constructing Europe’s largest judicial complex, known as the ‘Campus of Justice’.
The 300,000sq-metre space will have an area solely dedicated to arbitration settlements and alternative dispute resolution matters.
The campaign coincides with the International Bar Association’s International Arbitration Day, which was held in Madrid for the first time last Friday (2 March).
A spokesman for the regional Ministry of Justice said: “Having an event of such global legal importance coming to Spain is a recognition of the efforts that have been made to transform Madrid into a Southern European nucleus for international arbitration.”