AUSTRALIA’S arbitration bodies and lawyers are gearing up for changes in the litigation climate, with new laws now set to be passed.
The Australian Centre for Commercial International Arbitration (ACICA), the Institute of Arbitrators & Mediators Australia (IAMA) and the Chartered Institute of Arbitrators Australia (CIArb) have signed a memorandum of co-operation in which they plan to promote the use and education of arbitration in the Asia-Pacific region.
The agreement was struck following amendments to the International Arbitration Act 1974 (Cth) introduced into Parliament by Attorney General, the Hon Robert McClelland.
Australian Centre for Commercial International Arbitration president Douglas Jones told The New Lawyer the reform is long overdue.
He said new legislation would encourage both Australian and non-Australian parties to have their international arbitrations held in Australia.
“We as a country have got significant advantages I think, with a well developed legal system and very competent practitioners to take advantage of that,” he said.
“Arbitration is a multi-billion industry in other places – in SIngapore, Hong Kong, London, all of them see that it adds huge value to the local economy in a range of areas,” said Jones.
The global financial crisis has seen an increase of commercial disputes but because
international investors want to avoid the uncertainty of litigation in a foreign court
system, the ACICA said.
via Lawyers gear up for new rules on arbitration – The New Lawyer.
