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The Ascendancy of SIAC: A Statistical Analysis of Its Expanding Global Influence
The Singapore International Arbitration Centre (SIAC) has been a pivotal institution in the arbitration landscape, consistently recording an increase in case figures over the years. As of 29 April 2024, SIAC's growth trajectory continues to ascend, reflecting the global community's trust and reliance on its arbitration services.
A Steady Ascent: SIAC's Growth Over the Years
In 2023, SIAC reported its second-highest caseload ever, with 663 new cases filed, including related cases. This marked a significant increase from the previous year, with the total sum in dispute reaching USD 11.90 billion (SGD 15.71 billion). Remarkably, 93% of the new cases filed were international, indicating SIAC's strong global presence and the international business community's confidence in its arbitration processes.
The rise in SIAC's case figures can be attributed to several factors. The institution has seen a steady increase in international participation, with parties from 66 jurisdictions choosing to arbitrate at SIAC in 2023. This is a notable rise from the 65 jurisdictions reported in 2022 and the 40 per cent international case filings related to contracts entered into during the Covid-19 pandemic between 2020 and 2021. The top foreign users of SIAC's services have consistently been China, India, and the USA, with other countries like UAE, Malaysia, Indonesia, South Korea, Thailand, France, and the UK also featuring prominently.
The geographical spread of SIAC's arbitrator appointments has also expanded, with arbitrators from 38 jurisdictions appointed in 2023, up from 36 in the previous year. This diversification reflects SIAC's commitment to inclusivity and its ability to cater to a wide array of legal systems and practices.
Historical Perspective
To appreciate the current statistics, it is essential to look at the historical data. Looking back over the years, SIAC has seen a remarkable growth trajectory. Its caseload has grown exponentially. In 2018, SIAC received 402 new cases from parties in 65 jurisdictions, administering 93% of these cases. The institution's caseload has more than quadrupled since 2004 when it handled 78 cases. By 2015, this number had surged to a record 271 cases, including a case involving the highest-ever total disputed sum in SIAC's history (SGD 6.23 billion).
The year 2021 was another milestone for SIAC, as it commemorated its 30th anniversary with a high caseload, exceeding 400 cases for the fifth consecutive year and doubling the number of cases over the last decade. In 2022, SIAC received 357 new case filings, with an average sum in dispute of USD 22.33 million (SGD 29.97 million) for cases administered by SIAC.
SIAC's continued growth is not just a reflection of the increasing number of cases but also the institution's dedication to enhancing its arbitration services. The Secretariat, comprising arbitration lawyers qualified in 13 jurisdictions and speaking 16 languages, has been instrumental in shortening the timelines for case administration and award scrutiny while maintaining precision and rigour.
The institution's leadership acknowledges the trust placed in SIAC by its users and remains committed to delivering world-class services. Under the leadership of individuals like Mr. Davinder Singh, SC, Chairman of SIAC, and Ms. Gloria Lim, CEO of SIAC, the institution has focused on innovation and adaptation to meet the evolving needs of commercial parties and businesses.
Enhancements and Innovations
SIAC's growth is also attributed to its continuous enhancements and innovations in arbitration services. The institution has implemented new initiatives to enhance its arbitration services and enlarge the involvement of the international arbitration community in SIAC’s activities. These initiatives, such as the proposed fast-track procedure for small claims and the restructuring of the YSIAC Committee to a global YSIAC Council, demonstrate SIAC's commitment to maintaining its edge in arbitration services.
Conclusions
In conclusion, SIAC's report on the rise in case figures as of May 2024 is a testament to its enduring reputation and the effectiveness of its arbitration services. The statistics over the years underscore the institution's role as a cornerstone of international arbitration, continually attracting a diverse and global user base. As SIAC moves forward, it is poised to maintain its trajectory of growth and excellence in arbitration.
- Historical data shows a steady increase in SIAC's caseload over the years, with a notable surge in the last decade.
- The diversity of SIAC's users is highlighted by parties from over 65 jurisdictions choosing SIAC for arbitration in 2024.
- SIAC's commitment to diversity is also evident in its arbitrator appointments, with nearly half being women in recent years.
