The Singapore International Arbitration Centre (SIAC) witnessed a record 1080 new case filings in 2020, a 125 percent increase from the 479 cases filed in 2019, and the first time SIAC’s new caseload crossed 1,000.
The total sum in disputes in 2020 amounted to S$11.25 billion ($8.49 billion). Of the 1,080 filings, 94 percent were international cases and the highest disputed sum for a single case was $1.23 billion.
According to the SIAC, parties from 60 jurisdictions chose to arbitrate with the centre last year, with India, the U.S. and China topping the foreign user rankings. The claims covered a number of sectors, including trade, corporate and commercial, maritime and shipping, and construction and engineering.
SIAC chair Davinder Singh SC said: “We are deeply grateful for this immense support which is a clear reaffirmation of the international community's trust in SIAC's neutrality, integrity, independence, and time and cost efficiency, and of the world's regard for our best-in-class judiciary and a Government which sets the legislative pace.”
In December, SIAC opened a representative office in New York, the centre’s first representative office outside Asia and its fifth overseas.
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