The move comes after the signing of the new Trans-Pacific Partnership
The New Zealand International Arbitration Centre (NZIAC) has launched a new set of international arbitration, mediation, and arbitration-mediation rules just two weeks after the “Comprehensive and Progressive Agreement for Trans Pacific Partnership” was signed.
With the move, New Zealand is poised to become “the Switzerland of the South Pacific,” the centre said.
Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam signed the agreement on 8 March in Santiago, Chile. The agreement succeeds the “Trans Pacific Partnership Agreement” that the United States withdrew from.
The NZIAC has also reiterated its four key objectives. They are:
- to provide an effective and certain forum for the settlement of international trade, commerce, investment, and cross-border disputes in the Trans-Pacific Region;
- to support and facilitate the growth and development of international dispute resolution in the region;
- to promote New Zealand as a fair, safe and neutral regional hub for international dispute resolution and seat for international arbitration in the Trans-Pacific Region; and
- to promote and underpin trade, investment, and sustainable economic development and growth in the Trans-Pacific Region.
“New Zealand is a modern, dynamic country with an open economy and business environment with strong respect for diversity; it is politically stable and has excellent infrastructure, communication, technology, and a supportive legal environment that underpins the efficacy of international dispute resolution; and it is highly respected globally as an independent and lawful jurisdiction for international arbitration and mediation,” said John Green, NZIAC founder and director.
“With New Zealand’s well developed and trusted legal system, world class infrastructure, and ‘safe nation’ status, NZIAC is ideally positioned to become the trans-Pacific region’s premier forum to handle the expected growth in complex, cross-border commercial and investment disputes in the region. There is no question that the release by NZIAC of its 2018 suite of rules will be keenly followed and will undoubtedly mark one of the most significant developments on the international dispute resolution scene this year,” he said.
Coinciding with the release of its new suite of rules, the NZIAC has also debuted a new website.
