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GIMAC

India’s first maritime arbitration centre, coming up in Gandhinagar.The Gujarat Maritime University signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority in GIFT City to promote the Gujarat International Maritime Arbitration Centre (GIMAC).

What is GIMAC?

  • This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector
  • The Maritime Board has rented about 10,000 square feet at GIFT House which is part of the Special Economic Zone (SEZ) area with clearance from the development commissioner.
  • The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.
  • The centre is expected to be ready by the end of August.
Why is such a centre needed?
  • There are over 35 arbitration centres in India. However, none of them exclusively deals with the maritime sector.
  • The arbitration involving Indian players is now heard at the Singapore Arbitration Centre.
  • The idea is to create a world-class arbitration centre focused on maritime and shipping disputes that can help resolve commercial and financial conflicts between entities having operations in India.
  • Globally, London is the preferred centre for arbitration for the maritime and shipping sector.
Tags: Current Affairs, Economics

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