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.