NCAC and SIAC officials during the virtual MoU signing ceremony to promote international arbitration in commercial disputes on Thursday. SUPPLIED
The National Commercial Arbitration Centre (NCAC) and the Singapore International Arbitration Centre (SIAC) on March 24 signed a memorandum of understanding (MoU) to promote international arbitration as a “preferred method” for resolving commercial disputes.
According to a joint press release, the signing ceremony was held virtually and presided over by NCAC president Bun Youdy and SIAC CEO Gloria Lim.
On the basis of mutual interests, respect and understanding, the two institutions will provide each other with marketing support and, where possible, logistical support including onsite staff support for all events organised by either the NCAC in Singapore, or vice versa.
The two centres also envision the joint organisation of conferences, seminars, workshops and other events on international arbitration – held either in-person in Cambodia or Singapore, or in virtual or hybrid formats.
They will also develop and conduct training programmes and courses, upon request, for one another’s staff.
NCAC’s Youdy said: “We are pleased to finally formalise our collaboration with SIAC after having worked together for many years.”
He added that the NCAC was committed to harmonising with international best practices, and that enhancing their collaboration with the SIAC would bring great benefits to the centre’s users, businesses and the arbitration practitioner community.
“We also look forward to knowledge and experience sharing in the area of case management with SIAC,” he added.
SIAC’s Lim said Cambodian parties were increasingly entrusting their international disputes to SIAC.
She said this collaboration with NCAC provides a good platform for both institutions to jointly promote the benefits of international arbitration as an effective, efficient and enforceable mode of dispute resolution for cross-border commercial projects and investments involving companies, businesses and investors from Indochina and the rest of the world.
“We look forward to further deepening our ties with users in Cambodia and the Cambodian arbitration community,” she added.
Established by the 2006 Law on Commercial Arbitration, NCAC is an independent non-profit institution whose mission is to offer impartial and effective alternative dispute resolution, according to the joint press release. There are currently more than 60 arbitrators of diverse nationalities on the NCAC panel.
