SINGAPORE - In a move that will boost the country's standing as Asia's leading venue to settle cross-border commercial litigation, amendments were tabled in Parliament on Tuesday to create the Singapore International Commercial Court.
The SICC targets cases, such as international or cross-border disputes that will not otherwise be heard in Singapore. It is meant to address the increase in litigation work arising from the growth in cross-border trade and investment in Asia.
By drawing these cases to Singapore, law firms here will benefit. Benefits include opportunities to be involved in high-value complex cross-border disputes, exposure to eminent international jurists as well as options to work with foreign litigators and their clients.
The SICC will be a division of the High Court which means its decisions can be enforced as High Court judgements. There will be a diverse panel of judges for these courts which will include top international jurists and existing Supreme Court judges. The hearings will be held in open court but parties may apply for the hearings to be confidential. Parties may also apply for foreign lawyers to represent them in certain situations.