Why in news ?

Recently, a Memorandum of Understanding (MoU) was signed between the Gujarat Maritime University and International Financial Services Centres Authority in GIFT (Gujarat International Finance Tec-City) City.

• The objective of the MoU is to jointly support the establishment of the Gujarat International Maritime Arbitration Centre (GIMAC).

About GIMAC:

• This will be the first centre of its kind in the country that will manage arbitration and mediation proceedings with disputes related to the maritime and shipping sector.
• The GIMAC will be part of a maritime cluster that the Gujarat Maritime Board (GMB) is setting up in GIFT City at Gandhinagar.