Gujarat International Maritime Arbitration Centre (GIMAC)
Source : Indian Express
GS II : Governance
Content for GIMAC Article
- Why it is needed?
- About GIMAC
Why in News ?
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).
Key Facts
- This will be the first centre of its kind in the country.
Photo by David Vives on Unsplash - It will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.
- The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.
- Why it is needed ?
- At global level London is the preferred centre for arbitration for the maritime and shipping sector.
- As of now there are 35 maritime arbitration centre and none of these arbitration centre exclusively for maritime sector.
- So creating an arbitration centre helps in resolve maritime and shipping dispute.
- Thus the dispute of financial and commercial dispute between entities having operations in India.
Gujarat International Maritime Arbitration Centre
- It will be part of a maritime cluster that the Gujarat Maritime Board (GMB).
- The centre is expected to be ready by the end of August.
- A 10-member advisory board for GIMAC
- Consisting of international experts and professionals has been created
- Will help in the framing of rules for the arbitration centre and in em-panelling arbitrators.
- Prof S Shanthakumar, who is the director of Gujarat Maritime University, has been appointed director of GIMAC.
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