The Singapore International Arbitration Centre (SIAC) is pleased to announce the official release of its 2022 Annual Report.
SIAC Case Statistics
In 2022, SIAC received 357 new case filings. Of the 357 cases handled by SIAC, 336 (94 percent) were cases administered by SIAC. The remaining 21 (6 percent) cases were ad hoc appointments. 2023 has kicked off with a bang. New case filings in the first quarter of 2023 were at a historical high, with 332 new cases filed, including related cases.
Cases filed with SIAC continued to come from a strong international user base. More than 40 percent of the cases filed related to contracts entered into between 2020 and 2021 during the Covid-19 pandemic. Over the past 5 years, users from more than 100 jurisdictions with diverse legal systems have selected SIAC to administer their disputes. In 2022, parties from 65 jurisdictions chose to arbitrate at SIAC. 88 percent of new cases filed at SIAC in 2022 were international in nature. India, the USA and China continued to top the foreign user rankings. Foreign users from ASEAN (Malaysia, Indonesia, Thailand, Vietnam) as well as South Korea, the United Kingdom and Australia were also among the top 10 users for 2022.
SIAC’s total sum in dispute for 2022 was USD5.61 billion (SGD7.53 billion). For cases administered by SIAC, the average sum in dispute was USD22.33 million (SGD29.97 million).
2022 saw 340 arbitrator appointments, comprising 145 arbitrators appointed by SIAC, and 195 arbitrators nominated and confirmed by SIAC. In line with SIAC’s commitment to diversity, arbitrators from 36 jurisdictions were appointed in 2022, and 46.2 percent of the 145 arbitrators appointed by SIAC were women, an increase from 35.8 percent in 2021.
Enhancements to Arbitration Services and Outreach
On 3 April 2023, SIAC Registrar Kevin Nash issued a Report announcing expansion of the SIAC Secretariat with a new Deputy Registrar and a new Supervising Counsel. The SIAC Secretariat now comprises 16 experienced international arbitration lawyers who are qualified in 13 jurisdictions.
As a thought leader in the arbitration sphere, SIAC plans to implement a suite of new initiatives to enhance its arbitration services and enlarge the involvement of the international arbitration community in SIAC’s activities. These include a proposed fast track procedure for small claims, and a restructuring of the YSIAC Committee to a global YSIAC Council comprising regional committees. The new initiatives will be rolled out progressively, and further details will be announced subsequently.
Mr Davinder Singh, SC, Chairman of SIAC, said: “Singapore’s world-class judiciary, responsive policies, neutrality, and independence provide an ideal environment for international arbitration to thrive. I thank our users from all around the world for their continued trust in Singapore and SIAC. On SIAC’s part, we are committed to doing what it takes to deliver best-in-class arbitration services to our users globally.”
Ms Lucy Reed, President of the Court of Arbitration of SIAC, said: “All members of the SIAC Court and Secretariat are top experts in the field. With our ongoing enhancements to case management, we are providing ever better service to users. And we will continue to innovate and improve to meet the needs of the business, arbitration and legal community.”
Ms Gloria Lim, CEO of SIAC, said: “SIAC will continue to keep a close ear to user and stakeholder feedback, with a view to ensuring that SIAC remains responsive and at the cutting edge of the provision of world class, accessible services to commercial parties. We look forward to continued partnership and collaboration with the industry and the arbitral community to develop and promote the use of international arbitration.”
The Press Release may be read in full here.