Tuesday, March 20, 2012

Maritime industry needs to strengthen dispute resolution abilities

SINGAPORE : Law Minister K Shanmugam has said that Singapore seeks to be a global destination for dispute resolution and legal services, especially in sectors like the maritime industry.

He was speaking at the second Singapore Chamber for Maritime Arbitration (SCMA) Conference on Tuesday.

Mr Shanmugam, who is also Foreign Affairs Minister, said the maritime industry must also strengthen its dispute resolution abilities as it waits for an upturn.

This is because the market is likely to see more disputes linked to defaults in this gloomy shipping environment.

Many parties may also turn to arbitration to seek resolution.

Mr Shanmugam also explained how the ministry has taken steps to make Singapore an attractive arbitration destination.

He said: "In the end, in this interlinked global economy, we all sink or swim together. Given the importance of maritime trade in Singapore, to Singapore, we recognise the need, for a long time, to have a framework in place to ensure that disputes are effectively resolved."

- CNA/ms

View the original article here

Source From Channel News Asia

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