The news follows the recent introduction by the Federal Government of amendments to the International Arbitration Act 1974 which are designed to make Australia a more attractive and competitive destination for international arbitration.

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ACICA president Doug Jones said that the agreement signalled the two bodies' intention to promote Australia's international arbitration expertise. "It is a national approach to a global opportunity that is in the national interest," he said.

IAMA president Michael Kirby predicted that international commercial arbitration could eventually be as lucrative as international education - currently Australia's third-largest export market.