Jakarta (Antara Bali) - The Indonesian National Arbitration Board (BANI) will host the Asia Pacific Regional Arbitration Group (APRAG) or Asia Pacific Arbitration Forum in Nusa Dua, Bali, on October 6-8, 2016.
This time, the forum is themed "The Rise of International Commercial Arbitration and Investment Treaty Arbitration Developments: Asia's Response."
Chairman of BANI M. Husseyn Umar noted in a written statement in Jakarta on Thursday (Sept. 1) that this year's theme was based on the fact that several areas in the world and Asia, in particular, have undergone enormous developments in commercial arbitration, or arbitration in the business sector, at the international level.
"In these areas, arbitration is viewed as the preferred method to settle disputes between investors and a country (ISDS). These developments are very exciting but also challenging, especially for arbitration institutions in the region," he affirmed.
Furthermore, he pointed to the significant growth in arbitration in the business sector, primarily in issues, such as diversity and integration in the implementation of arbitration.
"Likewise, a dispute related to the development of the investment sector has triggered several countries to respond to the variety of ISDS," he noted.
According to Hussyen, the APRAG 2016 conference will offer an interesting forum for arbitration experts from across the world to meet and hold discussions to find solutions to recent problems, particularly regarding the developments in arbitration and investment treaty arbitration.
He believes this conference will be able to address issues, such as diversity and unification for the implementation of arbitration in Asia, funding and investment and arbitration costs in the business sector, and arbitration of investment in Asia.
"In addition, the prospects for harmonization of investment and commercial arbitration in the new ASEAN economic community and the development of each member as well as the potential for cooperation (will also be explored)," he stated.
APRAG will also be attended by local and international arbitration experts, legal experts, governments, and businesses.
According to plan, APRAG 2016 will be opened by Chief Justice of the Supreme Court of the Republic of Indonesia Hatta Ali and will be accompanied by Chairman of the Chamber of Commerce and Industry (Kadin) Indonesia Rosan P. Roeslani.
BANI was established in 1977 on the initiative of Kadin for the best interests of entrepreneurs to create institutions that could mediate disputes in businesses.
"We hope that through APRAG 2016, we can seize the best opportunity to gain insights from leading arbitration experts and expand the network of arbitration, following the various types of business disputes evolving with the implementation of free trade," Hussyen remarked.
It is widely known that arbitration is a way to resolve business disputes out of court in a country. The employers opt for arbitration as the process is fast, cheap, and confidentiality is maintained.
Decisions in the arbitration agreement are equal and agreed upon by both disputing parties.(WDY)
