http://www.themalaymailonline.com/money/article/singapore-moots-asia-centric-international-commercial-court
The Ministry of Law said in a statement the proposed Singapore International Commercial Court (SICC) will leverage on robust cross-border investment and trade in Asia, where gross domestic product is expected to triple over the current decade to US$34.9 trillion (RM112.3 trillion) in 2020.
It said the SICC will build on Singapore’s reputation as a leading destination for international arbitration, which allows for disputes to be resolved by third-party arbitrators outside of court.
The Singapore International Arbitration Centre, set up in 1991, last year handled 235 disputes worth S$3.61 billion.
It is considered the fourth most preferred arbitration institution in the world, after similar bodies headquartered in Paris, London and New York, according to a survey by international law firm White & Case.
With similar commercial courts in London and Dubai handling a growing number of global cases, “a window of opportunity currently exists for an Asian dispute resolution hub catering to international disputes with an Asian connection,” said a report of an international committee that looked into the feasibility of setting up the court.
Law Minister K. Shanmugam told reporters that Singapore is the “obvious choice” for investors looking to have disputes resolved in a transparent and efficient manner.
The SICC will function as a division of Singapore’s High Court, and its rulings can be upheld outside Singapore through reciprocal enforcement provisions between countries and the city-state.
Singapore’s Chief Justice can also transfer cases from commercial courts to be heard in the SICC.
The decisions of the SICC will be appealable to a Court of Appeal that includes international jurists and top Singaporean judges.
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