A memorandum of understanding (MoU) is signed between Gujarat Maritime University (GMU) and International Financial Services Centres Authority (IFSCA) on June 21, 2021 at the IFSCA Headquarters in GIFT City, Gujarat. The objective of the MoU is to jointly support the establishment of the Gujarat International Maritime Arbitration Centre (GIMAC) at GIFT SEZ.
Gujarat Maritime Board (GMB) supported GMU plans to develop a special Alternative Dispute Resolution Centre to facilitate the faster dispute resolution, enhance the attractiveness of GIFT SEZ among the International Maritime Community and increase the ease of doing business which will aid in establishing GIMAC as the preferred centre of choice to resolve maritime disputes.
As a part of the MoU, IFSCA would be providing technical expertise and the necessary support in order to develop international dispute resolution centre at GIFT SEZ. IFSCA, within its regulatory purview, shall also support GMU’s endeavour to promote arbitration, mediation and other dispute resolution services offered by GIMAC to resolve international commercial disputes pertaining to different sectors, with special focus on disputes pertaining to maritime and shipping sector.