Australian Rules First in Global Arbitration Competition

VIENNA, March 28 /PRNewswire/ -- In a global first, the Australian Centre for International Commercial Arbitration (ACICA) Rules has been selected as the model guide governing the world's biggest international commercial arbitration competition.

The prestigious annual Willem C Vis International Commercial Arbitration Moot (Vienna) encourages the resolution of business disputes by arbitration. The global financial crisis has seen an increase of commercial disputes but because investors want to avoid the uncertainty of litigation in a foreign court system, arbitration has become the preferred dispute resolution mechanism.

ACICA President Professor Doug Jones AM says: "The nomination of the ACICA Arbitration Rules signals acceptance from the global arbitration community that Australia meets world's best practice. The rules provide an advanced, efficient and flexible framework for the conduct of international arbitrations."

Today at a reception held at the Borsensale, Vienna's former Stock Exchange, the Australian Ambassador to Austria and the United Nations, his Excellency, Mr Michael Potts said: "The Australian Embassy in Vienna is a proud supporter of Australian participation at the moot and our nation's valued contribution to international commercial arbitration is recognised by the use of ACICA's Arbitration Rules."

This year's moot has attracted 270 university teams from 65 countries including Australia, bringing together future and current leaders of international arbitration.

German-born Bjorn Gehle, a Sydney-based lawyer who was a member of the 1998 winning team from the University of Munster, is now Special Counsel in the International Arbitration Group at Australian law firm, Clayton Utz. He said: "The moot offers so many opportunities for aspiring arbitrators and advocates who have ambitions to practice in the global business arena. It is here you learn from the best."

Recognising the economic benefits of this multi-billion dollar global industry, the Australian government announced the establishment of the Australian International Disputes Centre in Sydney.

An industry partner of the Centre and a designated appointing authority for various Australian legislation, ACICA has also played a leadership role in the Australian federal and state governments' review of the international and domestic arbitration acts.

Australian Attorney General, the Hon Robert t McClelland said: "These reforms provide the local framework for our highly skilled and internationally experienced Australian arbitrators to resolve disputes on Australian territory, under Australian arbitration law.

"Australia will be the place to come to when businesses want their problems fixed, and fixed fast and fairly."

SOURCE Australian Centre for Commercial International Arbitration