Australia opens new center for int'l commercial disputes resolution

19:19, August 03, 2010      

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Australia is well placed to become a major player in the booming global market for dispute resolution, Attorney-General Robert McClelland said on Tuesday.

Opening a new international disputes center in Sydney on Tuesday, McClelland said the world-class facility was already attracting strong interest from corporations in the Asia Pacific region.

"Australia has been seen as a place that people leave when they want to conduct arbitration rather than being seen as the place to go to," McClelland said at the center's launch.

"For too long, those seeking to make use of the benefits of arbitration have headed to London or New York - or to our regional neighbors in Singapore...

"Australia will (now) be the place to come to when businesses want their problems fixed fast and fairly."

Also at the official opening of the 600,000 dollars (545,880 U. S. dollars) Australian International Disputes Center would bring tens of millions of dollars into the country each year.

"We enjoy very close ties to Asia and Europe, we have stable economic, political and legal systems and we boast some of the best legal practitioners in the world," New South Wales (NSW) Attorney-General John Hatzistergos said in a statement.

Commercial dispute resolution has becoming the preferred option for solving business and commercial squabbles because it is quicker, cheaper and less formal than going through the courts.

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