Reinforcing the case for Singapore law
Although Singapore law has made further headway, efforts to strengthen the brand should continue apace together with enhancements to the legal ecosystem and infrastructure
ALMOST two years ago, one of us wrote in BT that further liberalisation of the legal sector will be necessary to take Singapore law to the next level (“Making the case for Singapore law”, BT, Dec 7, 2022). The point was made in the context of a discussion on what more could be done to develop and promote the adoption, and use, of Singapore law in cross-border transactions in this region. It was argued that this was (or ought to be) a matter of national pride, and would benefit the Singapore legal profession as a whole.
It will be recalled from the findings of a 2019 survey conducted by global research company Ipsos Pte Ltd, which was cited in the 2022 article, that Singapore law (29 per cent) was the second most widely adopted governing (substantive) law in cross-border transactions in Asia after English law (43 per cent).
The Ipsos survey also found that where Singapore was chosen as the dispute resolution venue, the most frequently used governing law was Singapore law (37 per cent).
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