Two committees have suggested setting up more legal avenues to allow companies around the world to resolve their business disputes in Singapore.
One group has recommended the setting up of a Singapore International Commercial Court (SICC). It will be a division of the High Court.
The SICC will hear international commercial disputes and these cases will be governed by Singapore and foreign law.
The proposal is for the panel of judges of the new court to include eminent international jurists. The SICC committee also recommended that foreign lawyers may appear in proceedings in certain circumstances.
The other committee, the International Commercial Mediation Working Group ( ICMWG), has proposed the establishment of a professional body to set standards and provide accreditation for mediators.
A recommendation has also been made to set up an international mediation service provider, which will offer experts to help mediate disputes. The ICMWG also proposed the enactment of a Mediation Act to strengthen the framework for mediation in Singapore.
These proposals will spur the development of Singapore as a hub for legal services.
The Ministry of Law said Tuesday that it welcomes the recommendations and will consider the proposals.