1 Legal framework
1.1 What is the relevant legislation on arbitration in your jurisdiction? Are there any significant limitations on the scope of the statutory regime – for example, does it govern oral arbitration agreements?
Emerging economies such as Romania, perhaps more than developed markets, require arbitration-friendly legislation and arbitration-sympathetic courts to provide investors with efficient ways to resolve commercial disputes and encourage engagement with new and relatively challenging markets.
Since 2013, the main body of law applicable to arbitration in Romania is set out in Book IV "On Arbitration" (domestic arbitration) and Book VII "On International Arbitration and the Effects of Foreign Arbitral Awards" (international arbitration) of the Civil Procedure Code. Although the international arbitration provisions are not considered to be based on the UNCITRAL Model Law on International Commercial Arbitration, they are generally in line with its principles.
