Leading Australian Arbitration Body Welcomes Government Reform 1

Media Release 26 November 2009

Leading Australian arbitration body welcomes government reform

The President of the Australian Centre for Commercial International Arbitration (ACICA), Douglas Jones AM, today welcomed amendments to the International Arbitration Act 1974 (Cth) introduced into Parliament by the Australian Attorney General, the Hon Robert McClelland.

Professor Jones said these changes will position Australia as a key player in international commercial arbitration.

"Arbitration is a multi-billion industry. It offers flexibility, enforceability and cost efficiency for parties in dispute.

"The anticipated increase of international arbitrations in Australia will provide considerable financial benefits to the Australian economy."

"We congratulate the Attorney General for taking the lead in this long overdue reform agenda.

In line with the change to the legal framework, ACICA has streamlined its arbitration rules for dispute resolution. Further initiatives will be announced at the ACICA Conference:

International Commercial Arbitration: Efficient, Effective, Economical?

to be held on 4 December.

Ends

For more information: Gianna Totaro

Media Relations 0438 337 328 [email protected]