Singapore, China Agree to Promote Maritime Arbitration
- Business & Finance
The Singapore Chamber of Maritime Arbitration (SCMA) has entered into a cooperation agreement with the China Maritime Arbitration Commission (CMAC) to promote maritime arbitration as a means for the effective resolution of maritime disputes.
Under the agreement, signed on November 13, 2018, SCMA and CMAC would work together to promote Singapore and China as two important seats of maritime arbitration through joint conferences and programmes.
The collaboration would also see the parties work together to promote SCMA and CMAC arbitration as an effective means of resolving maritime disputes. Both institutions will, upon request, recommend candidates with the appropriate experience and integrity to be considered for empanelment in each other institution’s panel of arbitrators.
“The signing of this agreement is a significant milestone in our ongoing collaboration and we are delighted to formalize and deepen the friendship with SCMA. We look forward to working together with SCMA to achieve the deliverables contained in this MOU and explore new areas of cooperation in our effort to provide efficient and high-quality arbitral services to Belt and Road Initiative countries in the context of a rising Asia,” Dr. Chen Bo, Deputy Secretary-General of CMAC, said.
The deal, signed at the SCMA-CMAC Inaugural Joint Seminar, represents a renewal of ties following the first Memorandum of Understanding, which was signed between SCMA and CMAC in 2009 when the institutions were under the management of SIAC and CIETC, respectively.