Singapore International Arbitration Centre Has Seen Increase Number Of Case Filings
The use of arbitration in Asia continues to increase. Leading Asian arbitration institutions, such as the Singapore International Arbitration Centre (SIAC), have seen an increase in the number of case filings. In response to the increasing demand, new arbitration institutions have been established in the region.
Popularity of Arbitration in Asia
In 2019, the Beihai Asia International Arbitration Centre opened in Singapore, marking the first-ever international arbitration centre established in Singapore by a Chinese arbitration commission. Arbitration’s popularity in Asia can be explained by a multitude of factors, including growth in the region, as well as the relative ease with which arbitral awards can be enforced around the world.
Recent developments in Singapore and other parts of the Association of Southeast Asian Nations (ASEAN) and Asia examine whether trends exist across the region that converges in favour of arbitration.
- Arbitration is on the rise in Asia, as evidenced by the increasing number of case filings and arbitration institutions across the region.
- Factors such as growth in the region and the relatively low costs of conducting arbitration in Asia contribute to the popularity of arbitration.
- The continued push of the Belt and Road Initiative is likely to bring with it an increase in disputes involving Asian parties, with arbitration continuing to be the preferred dispute resolution option.
- The ease with which arbitral awards may be enforced worldwide is one factor contributing to arbitration’s popularity, as evidenced in recent developments in jurisdictions such as Singapore, the Philippines, and Thailand. However, there has been some divergence, as seen in the 14 November 2019 decision of the People’s Court of Hanoi in Vietnam. read more