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Geographical remoteness has not prevented Australia from pursuing a persistent ambition to become a major hub for international commercial arbitration (ICA). While regional competitors in the Asia-Pacific region such as Singapore and Hong Kong have already achieved great success in the arbitration world, Australia’s ‘Tyranny of Distance’1 requires that extra efforts be made to attract ICA cases. Recent marketing from Austrade within the Australian government2 emphasises the relative strengths of ICA in Australia: (1) a harmonised legal framework for ICA in line with international standards, (2) sophisticated arbitration institutions and (3) some of the world’s leading arbitration practitioners.
Arbitration is prized as a cost-effective, confidential dispute resolution process, where the parties have considerable autonomy in deciding how the procedure should take place. On the international level, compared to litigation, it has the additional benefit of being easily enforceable in states that are members of the New York Convention.
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