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).
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.
Where is the GIMAC being set up?
- The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.
- The Maritime Board has rented about 10,000 square feet at GIFT House which is part of the Special Economic Zone (SEZ) area with the clearance from the development commissioner.
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.
- The maritime cluster consisting of ship leasing and brokering services is being set up with the intention of drawing back all the maritime and shipping business which is located offshore like Dubai and Singapore.
- Arbitration is an add-on maritime service which we are trying to provide within the Gujarat Maritime cluster that is being created within GIFT City.
- It is required because, for instance, the ship owners belong to a different country and the person leasing the ship is from another country. Any dispute arising between them can be resolved within this centre.
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