SINGAPORE - Singapore is experiencing a golden age in the field of arbitration, Senior Minister of State for Law Indranee Rajah said today (July 30).

The total number of new cases handled by the Singapore International Arbitration Centre (SIAC) increased from 99 cases in 2008 to 235 cases in 2012.

In addition, the total sum of disputes arbitrated in SIAC last year was S$3.61 billion, more than the total sum of disputes in 2010 (S$1.35 billion) and 2011 (S$1.32 billion) combined.

She explained that Singapore’s recognition as a regional hub for arbitration is the result of the government’s focused strategy to build a holistic eco-system to support the growth and development of the arbitration industry.

Ms Indranee made these points at the point at the Singapore Institute of Arbitrators National Arbitration Conference today.

Ms Indranee said Singapore has continually reviewed and revised the nation’s legislation to ensure that it is on par with the best international practices, and that it meets the needs of the international arbitration community.

Another key factor is supportive courts where the judiciary has maintained a philosophy that is supportive of arbitration, with minimal intervention by the court.

There is also an open regime.

Ms Indranee said Singapore’s arbitration regime has been kept deliberately open, so that parties are free to engage lawyers of any nationality and use any governing law.

Non-residents do not require work permits to carry out arbitration services in Singapore, and arbitrators as well as firms engaged in arbitration work enjoy tax incentives for arbitration work done in Singapore.

Ms Indranee stressed that seen as a whole, the various perks provide a compelling reason for stakeholders to arbitrate in Singapore.

She noted: “Sustaining the golden age of arbitration is going to require the concerted effort of all stakeholders. This includes the active participation of the end users, the courts, the practitioners, counsel and the government. There is a need for all parties to step back, reflect, and take stock of how far we have come and what we need to do to go further.

“I believe that to maintain the arbitration industry’s positive growth, Singapore must continue to work hard on being an arbitration centre par excellence - not just in terms of the case numbers, but also by upholding of high ethical standards, high quality advocacy, high quality arbitrators and high quality jurisprudence.

“This must be the hallmark of our arbitration regime, and clients experiencing arbitrations here should go away feeling that their dispute was handled fairly and professionally, irrespective of the outcome.”

She added that one growth area is intellectual property (IP) as this was an emerging and exciting area of immense opportunity.

Ms Indranee said it is a good time for Singapore to position itself as a hub for IP dispute resolution by establishing a panel of top international IP arbitrators in Singapore to enhance the international profile of Singapore’s IP arbitration capabilities. CHANNEL NEWSASIA