The IDR Is Giving New Hopes to NJ in the Realm of International Business

Karen DesotoThere are only ten states in the U.S.A. that have in place international mediation laws. New Jersey became one of them this year.  Is one of them. Long a popular location for international businesses die to its close proximity to New York City, it is now more attractive than ever before.

Jersey City Mayor Steve Fulop, recently said, “Our geographic location is really advantageous. We’re in proximity to the biggest media market in the world, huge financial services. If you’re going to have a global footprint, you’re going to have a presence generally in Manhattan. What we’ve tried to do over the past couple years is kind of make it a seamless transition from our waterfront all the way to Manhattan and we’ve attracted some really great corporations moving from elsewhere here.”

Karen Desoto - Legal Analyst

With the passing of the International Arbitration, Mediation and Conciliation Act on February 7, 2017, the state has raised its profile by providing international businesses the means to avoid lengthy legal battles through mediation. This law was proposed to the state Legislature by the Institute for Dispute Resolution (a department of the business school at NJCU), raising its profile as well.

The Institute was co-founded and is co-directed by David Weiss and Karen DeSoto. With news-making events they’ve co-hosted, their students winning awards in international mediation competitions, and now the contributions they have made (through their applied research department) that aided into this new mediation law making New Jersey more competitive in attracting international businesses, the Institute for Dispute Resolution has made an impact in it’s short lifespan. We expect to see more from them.

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