October 30, 2017
KLRCA's initiatives done for the development of the Maritime sector
The KLRCA has taken the position to strengthen the maritime arbitration industry in Malaysia, not only by creating alliances with associations such as the International Malaysian Society Of Maritime Law (IMSML). Also, due to the impact of its rules, especially the KLRCA Fast Track Arbitration Rules (Fast Track Rules).
The Fast Track Rules is a set of rules that is focused to provide a solution, an award in this case, within a maximum of 160 days. Usually, due to the fact that ships may be carrying perishable goods, ships disputes require a quick solution. Therefore, the Fast Track Rules would provide the perfect scheme to settle the dispute in a timely manner.
Additionally, further endeavors have been taken by the KLRCA to disseminate the importance of maritime arbitration in the region. Being Malaysia located in a strategic position in the world, by the strait of Malacca, it is necessary to raise awareness on it and let the industry grow in the region as it shall.
Therefore, under the KLRCA, the Young Practitioners Group (YPG) saw such opportunity and the group has recently organized different talks to spread out the word and provide more information to its members regarding maritime arbitration.
The first of the talks was held on 19th September 2017. The aim of this event was to explain to law students the advantages of maritime arbitration in Malaysia. The talk commenced with an introduction to maritime law and arbitration in Malaysia. It also explained the role of the KLRCA in administering maritime arbitrations in Malaysia. The highlight of the talk was the discussion on the advantages of the 2017 KLRCA Arbitration Rules for maritime arbitrations. The talk ended up with a frank discussion with the attendees, who were very interested in all the topics that were explained.
A different talk, but following the same format, will be held next 27th November 2017. This time, the YPG decided to address the event to a more senior audience, as the theme to be discussed will deal with the bill of ladings, a hot topic in the maritime industry.
Finally, the KLRCA has also assisted and been the venue for maritime arbitration events, such as the recent conference held on 11th and 12th October 2017: 2nd Maritime Law Conference - Currents of Change: Meeting Challenges.
With the above-mentioned endeavors, the KLRCA is ensuring that the maritime industry is represented and that awareness is being raised in the sector. There is huge potential for growth in this sector in Malaysia, due to its strategical location and the high and qualified preparation of its practitioners and therefore, the aim of the KLRCA is to continue collaborating to develop the maritime industry.