Australia's peak alternative dispute resolution (ADR) bodies have agreed to work together to promote arbitration in the Asia-Pacific region.
The Australian Centre for International Commercial Arbitration (ACICA) and the Institute of Arbitrators & Mediators Australia (IAMA) have entered into a memorandum of understanding to promote the use of, and training in, arbitration within the region.
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.
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.