Australia to become arbitration hub
A combination of a rise in disputes and an avoidance of costly litigation has given Australia an economic opportunity, according to three legal organisations.
The Australian Centre for Commercial International Arbitration (ACICA), the Institute of Arbitrators & Mediators Australia (IAMA) and the Chartered Institute of Arbitrators Australia (CIArb) will join forces to promote Australia as an independent business arbitration destination after signing a tripartisan agreement at the weekend.
“It is a national approach to a global opportunity that is in the national interest,” said ACICA president, Professor Doug Jones.
The three believe arbitration could be as lucrative an export as education, which earns Australia billions of dollars per year.
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