Prague, Kuala Lumpur — On Monday 19 February 2024, a cooperation agreement was signed in Kuala Lumpur between the International Arbitration Court in Prague at the Czech-Moravian Commodity Exchange Kladno (PRIAC) and the Asian International Arbitration Centre (AIAC). This is a significant milestone in both European and Asian international arbitration.
AIAC, with more than forty years of history and headquartered in Kuala Lumpur, is today one of the largest permanent arbitral institutions in Asia. Its position in international arbitration is unshakable thanks to its continuous introduction of innovations — modernisation of rules for arbitration and mediation, introduction of standard contract forms for the construction industry and mechanisms for resolving disputes concerning domain names.
“The historic agreement between Czech PRIAC and Malaysian AIAC signals the beginning of a new era of cooperation and mutual support between the two arbitral courts,” said David Řezníček, member of the PRIAC Presidium.
The agreement underscores the joint commitment of both institutions to promote the effective use of ADR and includes cooperation in areas such as:
- joint organisation of conferences, seminars and workshops,
- sharing of information on trends, developments and best practices in alternative dispute resolution (ADR),
- promoting the use of ADR in the regions in which the parties operate.
The partnership will enable the sharing of expertise, experience and best practices, thereby strengthening the position of both significant arbitration centres as leading institutions in the global ecosystem of alternative dispute resolution.
Prague, 27 February 2024