Rule of law important, precious in troubled geopolitical climate: SM Lee

S'pore International Commercial Court well placed as hub to resolve disputes, he says

- Selina Lum

The rule of law can facilitate cross-border commerce even amid geopolitical tensions, and the reluctance of countries to resolve disputes through adjudication and arbitration.

In a troubled geopolitical environment, international rule of law becomes all the more important and precious, said Senior Minister Lee Hsien Loong on Jan 14.

Speaking at a dinner during the Singapore International Commercial Court (SICC) conference, SM Lee said international business still needs to be done, and parties still need to agree on how to resolve cross-border commercial disputes when these arise.

The SICC should be well placed to take advantage of this reality, he said, adding that it will benefit from Singapore's reputation and track record as it acts as a forum for international dispute resolution.

SM Lee said: "Indeed, in this environment, when businesses decide where and how their contracts should be adjudicated and disputes resolved, the reputation and impartiality of a jurisdiction and its institutions become even more important considerations."

Addressing about 430 local and international delegates from across 15 jurisdictions at Parkroyal Collection Marina Bay, SM Lee said the SICC can count on the backing of Singapore's mature, established and forward-looking legal system.

He added that it also has the support of a government that remains committed to the success and efficacy of the transnational commercial justice system.

The SICC was established in 2015, to meet the growing demand for effective transnational dispute resolution through litigation.

SM Lee said the decision to create the forum was rooted in Singapore's overall emphasis on the rule of law, in both domestic and international affairs.

He added that a strong rule of law has been a cornerstone of the Singapore model, and has underpinned its progress as a nation.