The Permanent Court of Arbitration’s (PCA) recently announced office of operations in Singapore will greatly enhance its business in the region including India, says a legal counsel for the court.
“The establishment of the new Singapore office is a natural next step for the PCA,” Ashwita Ambast, assistant legal counsel to the PCA, told India Business Law Journal. “A permanent staff presence in Singapore will make PCA services more readily accessible throughout Asia, benefitting both the users of arbitration and the arbitral community,”
The PCA, which is based in The Hague, Netherlands signed an agreement with the Singapore Ministry of Law in July to administer cases held in the city and wider region. “We have provided these services to Indian parties in the past, and believe that the new office will only improve the accessibility of our service offerings moving forward,” said Ambast.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]
In 2017, at least seven PCA cases have been heard or will be heard in Singapore, which according to the PCA is one of the world’s top five seats of arbitration.
“Considering that it has been about 30 years since Singapore acceded to the New York Convention, the latest development will especially add to the credibility of Singapore as a centre for investment arbitrations and interstate arbitrations,” said Sumeet Kachwaha, managing partner at Kachwaha & Partners which specializes in arbitration.
The PCA office will be built within six months, located at Maxwell Chambers, alongside other international dispute resolution institutions such as the Singapore International Arbitration Centre (SIAC) and the International Court of Arbitration of the International Chamber of Commerce (ICC Court).
“As you know, litigation in India is time consuming and while that might work for some corporates, those wanting speedy justice look at overseas arbitration,” said Himavat Chaudhuri, chief legal and regulatory affairs officer at Tata Sky. “Given the costs involved in overseas arbitration, an increase in the number of organizations managing this in an overseas jurisdiction is always a plus.”
Ambast has observed an increase in India-related arbitration cases. She said the PCA recognized India’s own efforts on making the country a regional arbitration hub, as highlighted with the setting up of the Mumbai Centre for International Arbitration (MCIA).
“The PCA entered into a co-operation agreement with MCIA in June 2017, under which the PCA will be able to hold hearings and meetings at the MCIA’s premises in Mumbai,” said Ambast. “The PCA anticipates that the co-operation agreement, read with the 2008 host country agreement with the Indian government, will make India a more attractive destination for parties in PCA-administered cases.”
[/ihc-hide-content]
