Bettina Knoetzl Champions The View That "Austria Could Easily Take A Top Spot" Among International Trade Jurisdictions.

• Law Firm: KNOETZL HAUGENEDER NETAL Rechtsanwaelte GmbH
• Subject Matter: Antitrust/Competition Law, International Law, Litigation, Mediation & Arbitration, Antitrust, EU Competition , International Trade & Investment, Arbitration & Dispute Resolution
• Author: Ms Bettina Knoetzl
• Published date: 05 May 2023

In the Monday edition of the daily newspaper "Die Presse", Vienna Bar Vice-President Bettina Knoetzl applauds the winning team from the University of Vienna after they took home first place in the global Vis Moot Competition for the first time ever. She also takes this opportunity to discuss the status of international law capabilities in Austria and proposes effective measures to increase them.

Public Service Announcements of the Vienna Bar:

Austria wins

For the first time in the 30-year history of the world's largest law student competition in the field of arbitration, the Willem C. Vis International Commercial Arbitration Moot, the team representing the University of Vienna prevailed and claimed First Prize after their hard-fought victory in the oral final of the competition.

Hearty congratulations are due to the University of Vienna team and the organizers, after the organizers brought 378 teams from 89 countries to Vienna this year. We are proud that such a top-class event is based in Vienna and that a team from Austria - for the first time - brought home the victory.

Elsewhere, away from providing world-class training for these students, how does Austria stack up as a venue for international litigation?

Frankfurt, London, Paris, Stockholm, Zurich and other world cities compete vigorously for lucrative business disputes. The reason for this is simple: international disputes are an economic engine for the jurisdiction hosting them. A functioning, international judiciary also promotes the country's reputation as a business location.

Where does that leave Austria? Austria could easily take a top spot: Our jurisdiction is admired worldwide for its independence and efficiency. The local environment also fits; Vienna is popular as a tourist destination. Only the framework conditions for high-value disputes are a deterrent: With no English-speaking divisions, excessively high court fees, a settlement fee, and consumer protection for capital investors, Austria is not and will not remain attractive. This is a missed opportunity! It is time that the changes proposed by the legal profession to promote domestic commercial and arbitration jurisdiction are implemented; so that Austria stays on the ball and continues to win in the future.

To sum up the demands of the Vienna Bar, we want to expand on the framework conditions, which make Austria unattractive for international disputes:

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