Asia's first arbitration centre specialised in intellectual property is slated to open in Tokyo in September to resolve the growing number of disputes in the region, an official said on Friday.
The International Arbitration Centre in Tokyo (IACT) is set to have around a dozen arbitrators from around the world, who would try to resolve disputes within a period of one year, Katsuya Tamai, a project member and University of Tokyo professor specialising in intellectual property law, told Efe news.
Technological progress and diversification of applications have resulted in more patent infringement disputes worldwide, raising the number of cases not settled through dialogue, according to the latest report released by Japan's Patent Office.
The body also noticed that a growing number of disputes and legal complexities make the resolution process time-consuming, so it recommends more centres and arbitrators to handle such cases.
The patent infringement dispute between Samsung Electronics and Apple, in which Apple sued Samsung for allegedly copying the design of its mobile phones, and which was finally resolved on Thursday after seven years of litigation and compensation amounting to millions of dollars, is the most recent example of such a dispute.
The IACT is due to handle disputes between non-Japanese companies also, if both parties agree.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)