Singapore could play a major role in Asia's booming international arbitration industry, said Law Minister and Deputy Prime Minister S. Jayakumar on Sunday.
Opening the biannual plenary meeting of the International Chamber of Commerce's (ICC's) Commission on Arbitration here on Sunday, Jayakumar said international commercial arbitration has become a big industry in Asia.
"With Asian economies booming and increasing in sophistication, there is an expected rise in international commercial disputes and a concomitant growing acceptance of arbitration as a form of dispute resolution."
"In Asia, with more parties entering into cross-border agreements, international arbitration cases have increased not only in numbers in recent years, but also in complexity and in the quantum of dispute settlements," he said.
He added that Singapore could play a role in the booming international arbitration in Asia, because of factors such as its central geographic location and its reputation as a top venue for international meetings.
In Singapore, law firms have reported steady growth in international arbitration caseload. They have also increased the number of lawyers handling arbitration work.
Jayakumar said, "We have recently launched a tax incentive scheme to encourage law firms to handle more international arbitration cases with hearings in Singapore. Foreign arbitrators already enjoy tax exemption for their income earned from arbitration work in Singapore."
Source:Xinhua
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