SINGAPORE: Law and Foreign Affairs Minister K
Shanmugam on Tuesday said Singapore intends to be at the "leading
edge of thinking in international arbitration".
Speaking at an Arbitration Dialogue organised by his
Law Ministry at the Maxwell Chambers on Tuesday morning, he said
Singapore's legal infrastructure is being strengthened to assist
international arbitration.
He added that Singapore has taken several steps over
the years to root itself on the international arbitration
map.
"We have a court system and a judicial philosophy now which is
extremely supportive of arbitration as well. They intervene in
appropriate cases, they don't take a totally hands-off approach,
but totally supportive in line with international thinking," said
Mr Shanmugam.
This includes a proposed amendment to the International Arbitration
Act (IAA) to recognise that agreements need no longer only be in
writing. Agreements made through audio and other means can also be
recognised.
Another proposed amendment seeks to recognise interim awards by
emergency arbitrators before the tribunal is constituted.
Michael Ashcroft, Queens Counsel & Leading Arbitrator, said:
"Reviews of negative jurisdictional rulings are important. It seems
to me that the best view in relation to that is they do facilitate
arbitration.
"They allow parties to get a correction of a mistake by the
tribunal ruling that there is no jurisdiction to determine a claim,
allow that to be corrected, so that the dispute can proceed in
arbitration - that is important."
The Law Minister acknowledged that arbitration practice in
Singapore has been growing from strength to strength, with the
country attracting some of the top notch professionals from all
over the world.
Mr Shanmugam added that eight of the top 10 law firms in terms of
revenue, have also set up branches here in Singapore.
There are currently over 100 foreign law firms and about 1,000
foreign lawyers. Mr Shanmugam said they complement the 800 local
law firms and 3,800 local lawyers.
Singapore has also hosted international meetings on arbitration,
with the next one - the International Council for Commercial
Arbitration Congress - scheduled for June 2012.
- CNA/fa/ls
