The Gujarat Maritime University has signed a Memorandum of Understanding (MoU) with the International Financial Services Centres Authority (IFSCA) in GIFT City to set up the Gujarat International Maritime Arbitration Centre (GIMAC). GIMAC will be the first of its kind centre in India to manage arbitration and mediation proceedings for disputes related to the maritime and shipping sector. It will be part of a maritime cluster that is being set up by the Gujarat Maritime Board (GMB) at GIFT City in Gandhinagar.
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There are over 35 arbitration centres in India. However, none of them exclusively deals with the maritime sector. The arbitration involving Indian players is now heard at the Singapore Arbitration Centre. The idea is to create a world-class arbitration centre focused on maritime and shipping disputes that can help resolve commercial and financial conflicts between entities having operations in India.
Important takeaways for all competitive exams:
- Gujarat Chief Minister: Vijay Rupani;
- Gujarat Governor: Acharya Devvrat.