The world's oldest institution for international dispute resolution, the Permanent Court of Arbitration (PCA), has signed an agreement with the Australian Centre for International Commercial Arbitration (ACICA) to promote arbitration in the Asia-Pacific.
The historic agreement will focus on education and utilization, and follows the PCA's offer to the Australian Government to enter into a Host Country Agreement, providing the PCA with privileges and immunities in line with those enjoyed by the PCA at its Hague headquarters.
ACICA president Professor Doug Jones AM commented: "This agreement recognises Australia's arbitration expertise in the international market and we look forward to working closely with the PCA particularly in the Asia-Pacific region."
PCA deputy secretary-general Brooks W Daly added: "ACICA has played a key role in the establishment of Australia as a leading jurisdiction in the development of international arbitration.
"As the PCA is called upon to administer cases in the Asia-Pacific region with greater frequency, we expect cooperation with ACICA to be a tremendous resource, both through ACICA's accumulated expertise as well as its excellent new hearing facility in Sydney."
Australia's Federal and State Governments are currently undertaking a review of legislation to further position Australia as a competitive and attractive centre for global arbitration.
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