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 will propose hosting an international tribunal to resolve investment disputes, according to Law Minister Edwin Tong. This proposal comes as countries are distancing themselves from multilateralism and the rules-based system. Tong stated that the urgent need for a credible and trusted institution to handle such cases has become more apparent due to inconsistent decisions, concerns about regulatory interference, and questions about arbitrator independence.
The proposed Multilateral Investment Tribunal would be housed in a dedicated building if Singapore's bid is successful. Additionally, the National University of Singapore (NUS) and the Ministry of Law (MinLaw) will establish a Centre for Arbitration and International Dispute Resolution to promote thought leadership and innovation in this area.
Tong emphasized that Singapore, as a small state dependent on a stable international order, is committed to building a credible and accessible institution that strengthens the rules-based system relied upon by countries worldwide.
Written by urgent.news from CNA - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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