The Permanent Court of Arbitration (PCA) decided to set up a facility in Singapore, according to local news report on Monday.
Local television Channel NewsAsia reported that this first branch of PCA in Asia will enable affected parties to settle their disputes here instead of having to travel to the Hague of the Netherland, where it is headquartered.
Channel NewsAsia quoted Tjaco Van Den Hout, secretary general of Permanent Court of Arbitration, as saying, "The decision to set up a facility here is the response to a more general request from the membership of our organization to conduct an outreach to the region."
Singapore's Deputy Prime Minister and Law Minister S.Jayakumar said, "These include the establishment of a purpose-built complex to cater specifically for arbitration activities as well a tax incentive for firms handling international arbitration cases with hearings in Singapore.
"I hope that when these efforts come to fruition in the near future, they will contribute to making Singapore an even more attractive place for arbitration."
Established in 1899, the PCA is the first global institution to promote the peaceful settlement of disputes between states.
Source: Xinhua
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