With squabbles between businesses said to have soared during the global financial crisis, a trio of organisations has launched a bid to become Australia’s official ‘business umpires’, in what they hope will become a new boom economy for Australia.
The Australian Centre for Commercial International Arbitration (ACICA), along with the Institute of Arbitrators & Mediators Australia (IAMA) and the Chartered Institute of Arbitrators Australia (CIArb), announced on Sunday night that they have signed an agreement to promote Australia as the number one destination for business arbitration in Asia-Pacific.
“This agreement signals our intention to promote Australia’s arbitration expertise in the international market. It is a national approach to a global opportunity that is in the national interest,” ACICA president, Professor Doug Jones said in a statement.
Business groups keen to slash red tape