New Zealand and Australian arbitrators have signed off on a new agreement to promote out-of-court processes.
The Arbitrator’s and Mediators’ Institute of New Zealand and the Chartered Institute of Arbitrators Australia have signed a co-operation agreement to promote arbitration and other out-of court processes in the region.
With both nations pursuing bilateral and regional free trade in Asia and demand for the resolution of cross-border disputes increasing, the agreement is well-timed.
“This agreement with CIArb Australia builds on the long-standing relationship we have with one of the most prestigious dispute resolution bodies in the world, and will deliver benefits not only to our members but provides globally recognised experience to assist business and government entities involved in international transactions,” AMINZ president David Patten said.
The alliance is expected to build upon the Protocol for the ASEAN Australia New Zealand FTA, which is intended to enhance transparency and certainty for investors in the region and provides international arbitration rights.
The practical application of the agreement will be discussed at this year’s AMINZ annual conference in Parliament in July, hosted by Minister of Justice Amy Adams.
“This agreement is a significant step in a strategic alliance between us and New Zealand’s largest dispute resolution body to jointly promote our services to the global market that will ensure the delivery of commercial benefits for investors,” CIArb Australia president Albert Monichino, QC, said.