NEW laws will better place Australia on the global stage for resolving international commercial disputes.
Attorney-General, Robert McClelland, has welcomed the passage of Amendments to the International Arbitration Act, which he said will help make Australia “a significant player in the booming international commercial dispute resolution market”.
“Arbitration is increasingly being used as the preferred option for resolving business and commercial disputes because it is quicker, less expensive and less formal than litigation,” McClelland said.
Amendments to the International Arbitration Act will promote greater efficiency in the arbitration process through the adoption of international best practice in arbitration law, McClelland said.
Passage of these reforms follows recent agreement by the States and Territories to adopt uniform national laws on domestic arbitration based on the United Nations Commission on International Trade Law (UNCITRAL).
Changes to the International Arbitration Act and the adoption of a new model law for domestic arbitration means that Australia will now have a harmonised system for both domestic and international arbitration.
These reforms will be complemented by the establishment of the Australian International Disputes Centre in Sydney later this year.
McClelland said the Centre will feature world class communication, audiovisual and video conferencing facilities, tribunal facilities, conference rooms and access to translation and transcription services.
By creating a more uniform framework for regulating commercial arbitration, the reforms to the International Arbitration Act and the domestic Commercial Arbitration Acts will be an important driver in establishing Australia as key centre for international arbitration, the A-G said.
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