Australia's leading commercial arbitration body, the Australian Centre for International Commercial Arbitration (ACICA) and the world's oldest intergovernmental institution for international dispute resolution, the Permanent Court of Arbitration (PCA) have signed an agreement to promote the utilisation and education of arbitration in the Asia- Pacific.

The historic agreement was signed following an offer by the PCA to the Australian government to enter into a Host Country Agreement that would provide the PCA with privileges and immunities similar to those enjoyed by the PCA at its headquarters in The Hague.

The Australian federal and state governments are currently reviewing legislation to further position Australia as an attractive and competitive global arbitration centre.

ACICA President, Professor Doug Jones AM said: "This agreement recognises Australia's arbitration expertise in the international market and we look forward to working closely with the PCA particularly in the Asia-Pacific region."

PCA Deputy Secretary-General Brooks W Daly said: "ACICA has played a key role in the establishment of Australia as a leading jurisdiction in the development of international arbitration. As the PCA is called upon to administer cases in the Asia Pacific region with greater frequency, we expect cooperation with ACICA to be a tremendous resource, both through ACICA's accumulated expertise as well as its excellent new hearing facility in Sydney."

Details of the agreement were announced today in Rio de Janeiro just before the opening of the International Council for Commercial Arbitration (ICCA) Global Congress.