According to ICC Dispute Resolution Statistics, around 6 per cent of the 801 new cases filed with the ICC last year named Singapore as their seat of arbitration, making Singapore the fourth most preferred arbitration destination in the world. Moreover, the ICC statistics suggest that the number of foreign parties choosing to arbitrate in Singapore is growing. In 71 per cent of new cases, one or more of the parties involved in the dispute was not Singaporean – and in half of those cases, the arbitrator appointed was also non-Singaporean. Last year, the ICC witnessed the highest-ever caseload volume in its 93-year history, with the average value under dispute through the ICC climbing from $63m to $84m in just 12 months and an aggregate caseload value of $286 billion.

New Gujarat office

The Singapore International Arbitration Centre (SIAC) has announced plans to open a new representative office in the Gujarat International Financial Tec-City (GIFT) special economic zone in India. The SIAC will collaborate with GIFT to promote the use of arbitration, mediation and other dispute resolution mechanisms on offer at the SIAC to businesses in the region. Last year, India ranked as the number one foreign user of the SIAC, and has placed in the top five every year since 2010. 

Sources: ICC; Asian Legal Business (2)