Login

Lost your password?
Don't have an account? Sign Up

International Maritime Arbitration Centre to come up in GIFT City

Share This News Story:
Herons Logistics

GANDHINAGAR : An international maritime arbitration centre to solve disputes in the maritime sector will soon come up in GIFT City. With India emerging as a major player in the maritime sector, a mediation centre will ensure that companies save time and money on travel to other nations to resolve such disputes. The Gujarat International Maritime Arbitration Centre (GIMAC) will have a panel of judges headed by former chief justice of Mumbai High Court Mohit Shah.

It will have judges from Singapore, Dubai, London and other countries and professionals from the maritime and shipping sector, a senior official of Gujarat Maritime Board said. The GIMAC will ensure economic benefits for the regional maritime fraternity which otherwise is dependent on international arbitration centres.

Over the years, the quantum of arbitration, involving huge amounts of money, has increased. India has over 35 arbitral institutions but none of them is focused exclusively on the maritime and shipping sector.

GIMAC also plans to explore strategic tie-ups with other renowned global maritime arbitral institutions, towards the joint promotion of international arbitration, provide recommendations for arbitrators, training programs for the staff as well as co-organizing conferences, seminars and workshops on international arbitration, among others.

The GIMAC will be equipped with its own set of modern arbitration rules based on the UNCITRAL model – a globally recognized standard.

These rules will be framed in consultation with senior legal professionals associated with premier global arbitral institutions. The GIMAC will also initiate the process to empanel a body of arbitrators and experts specialising in a wide range of maritime & shipping related fields and practices in jurisdictions across the world.

Share This News Story: