The economic growth of India and the consequent increase in trade flow is being followed by a strong desire of the maritime community to resolve their disputes locally in an effective, efficient and expeditious manner.
The GIMAC has been envisioned to be a specialist maritime arbitration centre offering world-class and trusted resolution to international trade disputes in India. It offers Indian maritime businesses the best alternative in South East Asia for a neutral, cost-effective and flexible framework to resolve their disputes fairly and expeditiously.
There are over 35 arbitration centres in India. However, none of them exclusively deals with the maritime sector. But there has now been a concerted shift in India’s focus with a landmark step being taken towards making India a hub of International Commercial Arbitration.
Recently, a Memorandum of Understanding (MoU) was signed between the Gujarat Maritime University and International Financial Services Centres Authority in GIFT (Gujarat International Finance Tec-City) City. The result has been the setting-up of the Gujarat International Maritime Arbitration Centre (GIMAC).
GIMAC is the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector. A world-class arbitration centre is focussed on maritime and shipping disputes that can help resolve commercial and financial conflicts between entities having operations in India.
The Centre aspires to make contributions in the field of Maritime Dispute Resolution at local and global level by:
The GIMAC will be a proud extension of India’s unparalleled tradition of democratic justice and legal excellence, now delivering maritime dispute resolution of the highest order. The core values adopted by the Centre for Maritime Dispute Resolution are Ethics, Integrity, Teamwork, Neutrality, Excellence, and Empathy.