Out-Law News | 17 Jul 2019 | 8:29 am | 1 min. read
Japanese businesses will be encouraged to engage in international commercial arbitration to resolve cross border disputes they are involved under deals struck between the Singapore International Arbitration Centre (SIAC) and two Japanese arbitration bodies.
The memoranda of understanding signed by SIAC with the Japan Association of Arbitrators and the Japan International Dispute Resolution Center (JIDRC) will see the bodies work together to organise conferences, seminars, workshops and training programmes on international arbitration in Japan and Singapore in a bid to "promote international arbitration", SIAC has said.
The MoUs were signed on 4 June.
Arbitration expert Nicholas Brown of Pinsent Masons, the law firm behind Out-Law, said: "Ever since the Post-War economical miracle of the late 20th Century, Japanese corporations have tended to find themselves embroiled in foreign litigation, as opposed to international or foreign commercial arbitrations. There is thus a relatively undeveloped corpus of experience of, knowhow of, and informed views about, international commercial arbitration. The SIAC's cooperation with the domestic JAA and the fledgling JIDRC, and their combined outreach measures, are aimed at raising those capacity levels and thus instilling more confidence in commercial arbitration among this particular business community."
Lim Seok Hui, SIAC chief executive, said the body's new partnerships "will provide an excellent platform both to promote the law and practice of international arbitration to Japanese users as well as to nurture and develop the next generation of international arbitration experts in Japan".
Yoshimitsu Aoyama, representative board member of JIDRC, said: "We look forward to working closely with SIAC to make international arbitration the preferred form of dispute resolution for Japanese companies and businesses to resolve their cross-border commercial and investment disputes with enhanced efficiency, expedition and enforceability."