Singapore and the Permanent Court of Arbitration sign Agreement to establish PCA facility in Singapore
Deputy Prime Minister and Minister for Law Professor S Jayakumar and the Secretary General of the Permanent Court of Arbitration (PCA) Mr Tjaco Van den Hout signed an Agreement today to establish a facility of the PCA in Singapore.
2. The PCA is an intergovernmental organization that was established in 1899 in The Hague to facilitate arbitration and other forms of dispute resolution between States. It has since developed into a modern, multi-faceted arbitral institution which provides services for the resolution of disputes involving various combinations of States, State entities, intergovernmental organizations and private parties. These disputes often relate to international issues such as multilateral and bilateral territorial, environmental and investment matters.
3. PCA continues to broaden its global network through the establishment of facilities around the world. These cater to regional needs and aim to make PCA's experience and expertise in dispute resolution more accessible. Facilities were recently established in South Africa, Lebanon and Costa Rica.
4. PCA's Singapore facility will provide arbitration, mediation, conciliation and fact-finding services in resolving international disputes for which at least one party is a State, State entity or intergovernmental organisation. As the only PCA facility currently established in Asia, the Singapore facility will play a significant role in meeting the demands for such dispute resolution in the region.
5. This bodes well for Singapore's efforts in developing its arbitration industry. Singapore is known for its neutrality, reliability and efficiency - characteristics which are of utmost importance in arbitration. The setting up of this facility is testimony to Singapore's attractiveness as a location for arbitration. This is also seen in the increased interest in Singapore as a venue for international arbitration hearings in recent years. To develop this industry further, the Singapore Government will continue to support and foster its growth.
6. Professor S Jayakumar, who signed the Agreement on behalf of Singapore, noted that through the establishment of the facility, the PCA will be able to offer their expertise in dispute resolution to countries in this region in a more effective manner. He said that "It is timely that an Asian PCA Facility is established to serve the region. Singapore is honoured to be chosen as the venue for the PCA Facility in Asia."
Issued by the Ministry of Law
10 September 2007
2. The PCA is an intergovernmental organization that was established in 1899 in The Hague to facilitate arbitration and other forms of dispute resolution between States. It has since developed into a modern, multi-faceted arbitral institution which provides services for the resolution of disputes involving various combinations of States, State entities, intergovernmental organizations and private parties. These disputes often relate to international issues such as multilateral and bilateral territorial, environmental and investment matters.
3. PCA continues to broaden its global network through the establishment of facilities around the world. These cater to regional needs and aim to make PCA's experience and expertise in dispute resolution more accessible. Facilities were recently established in South Africa, Lebanon and Costa Rica.
4. PCA's Singapore facility will provide arbitration, mediation, conciliation and fact-finding services in resolving international disputes for which at least one party is a State, State entity or intergovernmental organisation. As the only PCA facility currently established in Asia, the Singapore facility will play a significant role in meeting the demands for such dispute resolution in the region.
5. This bodes well for Singapore's efforts in developing its arbitration industry. Singapore is known for its neutrality, reliability and efficiency - characteristics which are of utmost importance in arbitration. The setting up of this facility is testimony to Singapore's attractiveness as a location for arbitration. This is also seen in the increased interest in Singapore as a venue for international arbitration hearings in recent years. To develop this industry further, the Singapore Government will continue to support and foster its growth.
6. Professor S Jayakumar, who signed the Agreement on behalf of Singapore, noted that through the establishment of the facility, the PCA will be able to offer their expertise in dispute resolution to countries in this region in a more effective manner. He said that "It is timely that an Asian PCA Facility is established to serve the region. Singapore is honoured to be chosen as the venue for the PCA Facility in Asia."
Issued by the Ministry of Law
10 September 2007
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