Singapore to put forward bid to host international tribunal for investment disputes: Edwin Tong
As countries pull away from multilateralism and ignore the rules-based system, the question to ask is "what are we doing about it?", said Law Minister Edwin Tong.
Singapore is set to bid for hosting an international tribunal to resolve investment disputes, according to Law Minister Edwin Tong. This initiative comes as countries are increasingly distancing themselves from multilateralism and the rules-based system. Tong emphasized the need for a credible, trusted institution to address such cases, highlighting the current strain on international institutions.
The proposed Multilateral Investment Tribunal, currently under discussion by UNCITRAL member states, would be housed in a dedicated building if Singapore's bid is successful. The National University of Singapore (NUS) and Ministry of Law (MinLaw) will also establish a Centre for Arbitration and International Dispute Resolution to promote thought leadership and innovation in this area.
Tong stressed the importance of a stable and rule-based international order, noting that Singapore's prosperity depends on it. The tribunal aims to provide a neutral and stable jurisdiction with a mature dispute resolution ecosystem, appealing to both developed and developing economies.
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