Federal Attorney-General Philip Ruddock has announced the establishment of a specialist maritime and transport arbitration commission in Sydney.
The Australian Maritime and Transport Arbitration Commission (AMTAC) will be made up of a panel of maritime lawyers, arbitrators, judges and academics drawn from Australia and overseas, in particular from the Asian Pacific region.
With 70 per cent of maritime arbitrations being conducted in London, the establishment of the commission paves the way for Australia to play a leading role in maritime and transport arbitration and mediation, both domestically and internationally.
Approximately 12 per cent of world trade by volume either comes into Australia or out of Australia by sea.
Mr Ruddock has said that Australia’s skills in terms of lawyers, judges and arbiters and its proximity to Asian ports makes the commission a practical alternative for arbitration.
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