Prof. Khory McCormick, vice president at ACICA, moderated the session.

Mr. Rio Fiocco, president of the Port Moresby Chamber of Commerce & Industry, stressed the urgency of having an effective way of resolving disputes that may arise between the contracting parties, as an increasing number of PNG businesses take part in cross border trade. He pointed at the New York Convention as the obvious solution and suggested that if the PNG government adopts the convention, then such disputes could be resolved by arbitration, and arbitral awards could be enforced by domestic courts.

Ms. Koh raised three questions that parties should consider in deciding the appropriate cross-border dispute resolution mechanism. Which arbitration rules should they adopt? How should they choose their arbitrator? Where should their arbitration be seated?

Mr. Wade directly answered the participants’ questions on matters such as (i) the selection of arbitrators; (ii) the choice of arbitral institution; (iii) the procedure for enforcing an arbitration agreement with no prior decision made as regards seat; (iv) the choice of applicable law; and (v) the powers of arbitrators.

Mr. Hyungkeun Lee, partner at Yulchon LLC, highlighted the differences between arbitration and litigation, the advantages of arbitration vis-à-vis litigation when resolving cross-border disputes, the nature of an arbitration agreement and its key components, and the laws applicable to an arbitration proceeding.