In a recent development, the Singapore International Arbitration Centre(SIAC) has entered into a Memorandum of Understanding with the Chamber of Commerce Brazil-Canada and its Centre for Arbitration and Mediation (CAM-CCBC) to promote international arbitration as an effective mode of dispute resolution. This collaboration focuses on improving the efficiency and effectiveness of arbitration across various jurisdictions. It portrays an effort made by the leading institutions to build strong frameworks for resolving commercial disputes.
Under the agreement, both the institutions will organise conferences, workshops, and seminars, including in-person, hybrid, and virtual events. This aims to ensure exchange of ideas and increased awareness of arbitration practices.
An important aspect of this agreement is concerning the hearing infrastructure. SIAC will assist CAM-CCBC in accessing facilities at Maxwell Chambers in Singapore at preferential rates, while CAM-CCBC will provide the same support for SIAC administered arbitration conducted in Brazil.
This highlights the importance of cooperation between institutions by enabling better access to resources. It also seeks to make arbitration more effective for parties which are involved in cross-border disputes.
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