So said Deputy Prime Minister and Minister for Law, Professor S. Jayakumar.

He was speaking at the biannual plenary meeting of the International Chamber of Commerce's (ICC's) Commission on Arbitration held at the Pan Pacific Hotel on Sunday morning.

The ICC is a leading organisation in the field of international commercial dispute resolution and this is the first time that the plenary meeting was being held outside of its base in Paris.

Prof Jayakumar said that the ICC's decision to have the meeting in Singapore was timely, given the pace of economic growth in Asia.

'With Asian economies booming and increasing in sophistication, there is an expected rise in international commercial disputes and a concomitant growing acceptance of arbitration as a form of dispute resolution.

'In Asia, with more parties entering into cross-border agreements, international arbitration cases have increased not only in numbers in recent years, but also in complexity and in the quantum of dispute settlements,' he said.

He was confident that Singapore could play a role in the burgeoning international arbitration scene, because of factors such as its central geographic location and its reputation as a top venue for international meetings.

Singapore also offers a welcome blend of familiarity and neutrality to other Asian nations, owing to its ethnic bonds with China, India and other South-east Asian countries, as well as the common use of English here.

Read the full story in Monday's edition of The Straits Times.