The International Court of Arbitration of the International Chamber of Commerce (ICC) and the Kuala Lumpur Regional Centre for Arbitration (KLRCA) have signed a memorandum of understanding (MOU) to cater to the growing dispute resolution needs of businesses across Asia.
Under the MOU, the KLRCA and ICC Court will work together to develop and promote Malaysia as a safe seat and venue for arbitration in Asia. This will be accomplished by co-sponsoring and organizing trainings and programs to advance thought leadership and increase arbitration awareness within the region. Additionally, the KLRCA will provide hearing and conference space to ICC and the ICC Court, as well as ICC Court users.
In recent years, Malaysia has become a global alternative dispute resolution hub. The KLRCA is also known as an international center of excellence, having handled 673 cases in 2016.
Located within walking distance of Kuala Lumpur’s largest transit station, the KLRCA’s Sulaiman building boasts state-of-the-art hearing facilities with 23 hearing rooms, 12 breakout rooms, a business center, library, dining areas, and an auditorium.
Along with recent cutting-edge upgrades to its audio visual, video conferencing, live broadcast systems, and court recording and transcription sessions, the KLRCA fully expects to offer a complete and live virtual hearing experience, in line with the latest technological trends and standards. These steps reflect the KLRCA’s commitment to providing a one-stop shop with top-of-the-line virtual arbitration services on a global scale.
The KLRCA and ICC Court have already successfully organized a series of events prior to the signing of the MOU: the ICC-KLRCA International Arbitration Conference in 2016 and the joint ICC-KLRCA Vis Pre-Moot in early 2017. Both institutions intend to continue to annually organize both events.
Based in Paris, the ICC Court is one of the world’s leading arbitral institutions. Earlier this year, it announced record figures of 966 new cases filed for administration under ICC rules in 2016.
Singapore office set to open
In June, the ICC Court unveiled its latest case management office in Singapore—the fourth overseas establishment after Hong Kong, New York, and Brazil.
The Singapore Ministry of Law (MinLaw) and the ICC Court signed the MOU June 28 this year with the aim of strengthening arbitration and serving the dispute resolution needs of businesses around the world. The new Singapore office is expected to begin operations in the first quarter of 2018 at Maxwell Chambers.
Under the terms of the MOU, MinLaw and the ICC Court will also work together to develop and promote Singapore as a seat and venue for arbitration in Asia through advancing thought leadership, developing talent and arbitration services, and undertaking joint marketing.
The ICC Court is the first international arbitral institution to set up a physical case management office and team in Singapore.