“Dispute resolution is critical for anybody who is investing cross border,” Shanmugam said. “The dispute between US and China is bad for overall business, but in the short term, that may result in more people having to resort to dispute resolution.”
(July 11): Singapore wants to position itself as a hub for business mediation to help resolve commercial conflicts, at a time when tensions between the US and China could affect investments and trade flows.
The city-state is looking to build on its reputation as a top arbitration destination in Asia as it prepares to sign the Singapore Convention on Mediation which comes under the auspices of the United Nations. More than 10 countries are expected to sign at a ceremony in Singapore on Aug 7, after which they’ll ratify it in their national parliaments, Law Minister K Shanmugam said in an interview this week.
