Singapore- Asia’s leading international dispute resolution hub and 3rd most preferred seat of arbitration in the world
The demand for international dispute resolution in Singapore is expected to increase in tandem with Asia’s anticipated GDP growth of 6% in 2018 and 5.9% in 2019[1], and China’s One-Belt, One-Road project. As a global hub in the heart of Asia, Singapore is well positioned to meet the rising need for international dispute resolution services.
Singapore provides a comprehensive range of dispute resolution mechanisms to all parties, notably international arbitration at the Singapore International Arbitration Centre (SIAC), international litigation at the Singapore International Commercial Court (SICC) and international mediation at the Singapore International Mediation Centre (SIMC).
In the 2018 International Arbitration Survey by Queen Mary University of London and White & Case, Singapore was ranked the 3rd most preferred seat of arbitration globally, and the Singapore International Arbitration Centre is now the 3rd most preferred arbitral institution in the world.
There are several factors in favour of Singapore as a leading arbitral seat including but not limited to continual forward-thinking updates in the well-established arbitration legislation, an eminent impartial, independent and trusted judiciary, the SIAC as a well-regarded provider of world-class arbitration services, trained and experienced arbitration practitioners and arbitrators, which all together create a conducive environment for international arbitration in Singapore to thrive.
We therefore expect international arbitration will continue to be the prevailing mode of international dispute resolution in Singapore, Asia and beyond.
Author:
Philip Fong
Managing Partner, Eversheds Harry Elias LLP
[1] Asia Development Bank – Asia’s Growth Outlook for 2018