SYDNEY, Nov. 26 /Medianet International-AsiaNet/ --

The President of the Australian Centre for Commercial International Arbitration (ACICA), Douglas Jones AM, today welcomed amendments to the International Arbitration Act 1974 (Cth) introduced into Parliament by the Australian Attorney General, the Hon Robert McClelland.

Professor Jones said these changes will position Australia as a key player in international commercial arbitration.

``Arbitration is a multi-billion industry. It offers flexibility, enforceability and cost efficiency for parties in dispute.

``The anticipated increase of international arbitrations in Australia will provide considerable financial benefits to the Australian economy.''

``We congratulate the Attorney General for taking the lead in this long overdue reform agenda.

In line with the change to the legal framework, ACICA has streamlined its arbitration rules for dispute resolution.

Further initiatives will be announced at the ACICA Conference: International Commercial Arbitration: Efficient, Effective, Economical? to be held on 4 December.

President Douglas Jones AM RFD

Vice Presidents Alex Baykitch Ian Govey Peter Megens

Immediate Past President Michael Pryles AM

Board Members James N Creer Richard Garnett Laurie Glanfield AM Peter Harris Malcolm Holmes QC The Hon. Michael Kirby AC CMG Robert Kus Judith Levine Peter McQueen Gabril Moens Ian Nosworthy Robert Regan Ronald Salter Michael Shand QC Geoff McClellan Georgia Quick

Director of Arbitration David Fairlie

Secretary General Emma Matthews Head Office Level 6, 50 Park Street Sydney NSW 2000 Australia Ph: +61 2 9286 3591 Fax: + 61 2 9267 3125 ematthews@acica.org.au

Deputy Secretary General Jonathon DeBoos Melbourne Office Level 18, 333 Collins Street Melbourne VIC 3000 Australia Ph: +61 3 9286 6328 Fax: +61 3 9286 6460 jdeboos@acica.org.au

Deputy Secretary General Gabril Moens Perth Office Western Australian Institute for Dispute Management South Street, Murdoch WA 6150 Ph: +61 8 9360 7563 gmoens@acica.org.au