Arbitration - Default Mode Of Resolving Commercial Cross-Border Disputes, Says Singapore PM

SINGAPORE, June 11 (Bernama) -- Singapore Prime Minister Lee Hsien Loong says arbitration is the default mode of resolving commercial cross-border disputes today. He said this was particularly true in emerging Asia, as companies operated in different legal systems and practices. "Singapore is well-positioned to be arbitration hub as companies want a neutral venue, not necessarily in the host country or where the law is based," said Lee at the opening of the 21st Congress of the International Council for Commercial Arbitration, here, Sunday evening. He noted that the Singapore courts supported the arbitration process and the finality of arbitration awards and parties could choose any arbitrator and use any governing law, while foreign arbitrators did not need to obtain work permits or pay withholding tax. Lee said Singapore had actively pursued this goal by investing in infrastructure, for example, the Maxwell Chambers, an integrated international dispute resolution centre with state-of-the-art facilities such as transcription and immediate translation services. It has also developed local arbitral institutions, for example, the Singapore International Arbitration Centre (SIAC) and Singapore Chamber for Maritime Arbitration. The premier noted the city state updated Singapore's International Arbitration Act, incorporating the UN Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration. Lee disclosed that a 2010 survey by White & Case showed that Singapore (together with Paris and Tokyo) ranked third after London and Geneva as the most popular seats for arbitration, while SIAC ranked as the fourth most popular arbitration institution in the world. Touching on the event, Lee said it was timely that the 21st ICCA Congress was held in Singapore and the first time in Southeast Asia. The congress is foremost and largest ever meeting of leading arbitrators and arbitration counsel around the world. Lee said it endorsed the positive developments in international arbitration in Singapore over the past five years. He said it also provided the opportunity for thinkers from developed and emerging nations to exchange perspectives on the future of arbitration. -- BERNAMA