UMFCCI Establishes The Myanmar Arbitration Centre.
Legal News & Analysis - Asia Pacific - Myanmar - Dispute Resolution
6 August, 2019
We are pleased to announce the historic launching of the Myanmar Arbitration Centre (MAC) on 3 August 2019 in Yangon. The MAC will be the central seat for Arbitration disputes in Myanmar in accordance with Myanmar Arbitration Law 2016.
Myanmar-based companies have been at a disadvantage as foreign arbitration may be too costly, requiring frequent travel abroad and the hiring of foreign counsel may be expensive due to a lack of knowledge of foreign arbitration laws.
With the establishment of the new MAC, both foreign and local companies alike can resolve their disputes in Myanmar’s commercial capital of Yangon, saving significant time and money, and allowing Myanmar-based arbitrators to resolve more disputes based on local laws. In addition, the College of Myanmar Arbitrators has been established to oversee everything from selection, training, and certifying of industry veterans to become qualified arbitrators.
The MAC will be launched by the Union of Myanmar Federal Chambers of Commerce (UMFCCI) and Industry. ZICO Law Myanmar Executive Chairman, Dr Maung Maung Thein, is a consultant for the UMFCCI and driving force and architect of the MAC. He has also been appointed as the Chairman of the MAC and the President of the College of Myanmar Arbitrators.