Singapore (CU)_ On March 24, the National Commercial Arbitration Center (NCAC) and the Singapore International Arbitration Center (SIAC) inked a memorandum of understanding (MoU) to foster international arbitration as a preferred approach for settling commercial conflicts. According to a joint statement, the signing event took place remotely and was presided over by NCAC president Bun Youdy and SIAC CEO Gloria Lim.
The two organizations will offer marketing assistance and logistical assistance to one another, including on-site staff support, based on mutual interests, respect, and understanding for all sessions planned by either the NCAC in Singapore or vice versa. Further, the two institutions want to collaborate on the staging of international arbitration conferences, seminars, workshops, and other events, either in-person in Cambodia or Singapore, or via virtual or hybrid forms. Additionally, they will develop and provide training programs and courses for all the employees upon request.
Youdy from NCAC expressed delight over the cooperation. He said, “We are pleased to finally formalize our collaboration with SIAC after having worked together for many years.” He continued by stating that the NCAC was dedicated to adhering to global best standards and that strengthening their partnership with the SIAC would significantly benefit the center’s users, enterprises, and the arbitration practitioner community. He added, “We also look forward to knowledge and experience sharing in the area of case management with SIAC”.
According to SIAC’s Lim, Cambodian parties are increasingly entrusting SIAC for their international problems. According to her, this cooperation with NCAC paves the way for an excellent opportunity for the two institutions to foster international arbitration as an effective, efficient, and enforceable mode of dispute resolution for cross-border commercial projects and investments that involves companies, businesses, and investors from Indochina and the other parts of the world. She expressed hopes over the collaboration. She added, “We look forward to further deepening our ties with users in Cambodia and the Cambodian arbitration community”.
According to the joint news release, NCAC was formed under the 2006 Commercial Arbitration Law as an independent non-profit institution with the purpose of providing unbiased and effective alternative dispute resolution. The NCAC panel now consists of more than 60 arbitrators from a variety of ethnicities.
