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Sri Lankan businesses with disputes can look to Singapore for arbitration

Singapore's status as an arbitration hub is backed by the rule of law, neutrality and minimal judicial interference.

Litigation is the primary way out of disputes between commercial parties, but the process in Sri Lanka is known to be costly and long-drawn. Arbitration is becoming the preferred way for cross-border disputes.

OVER the last 15 years, Sri Lanka has recorded average economic growth of about 6 per cent per annum. In particular, the country has seen a significant surge in its import and export activities, and this cross-border trade demands a fast and cost-effective dispute-resolution mechanism.