SINGAPORE, Aug. 26 (Xinhua) -- Singapore will bid to host a proposed Multilateral Investment Tribunal (MIT) being negotiated under the United Nations Commission on International Trade Law, as part of efforts to reform the investor-State dispute settlement (ISDS) system, its Ministry of Law said on Tuesday.
"As one of the most open economies in the world and strong proponent of the rule of law, Singapore supports a strong and robust ISDS framework," the ministry said in a statement.
It said Singapore is prepared to play a part in the establishment of the MIT, including hosting the MIT in Singapore.
To enhance the accessibility of the MIT to its end users, Singapore is prepared to support an assistance fund for developing and least developed countries to access the MIT's functions, and provide translation and transcription services, as part of its bid to host the MIT.
It also said Singapore's extensive dispute settlement ecosystem offers a full suite of first-in-class services, including arbitration, mediation, and adjudication. ■
