Channel News Asia reports CIETAC ( The China International Economic and Trade Arbitration Commission) has launched a new centre in
Hong Kong – its first outside mainland China.
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CIETAC is one of the biggest permanent arbitration institutions in the world.
The move is a boost to Hong Kong’s efforts to become a leading international dispute resolution centre in the region.
Rimsky Yuen, Hong Kong’s Justice Secretary, said: “As the mainland’s economic development continues to mature, more and more enterprises are going global. There will be an increasing demand for high-end legal and dispute resolution services from these enterprises.”
The centre will provide an alternative platform to resolve commercial business disputes, outside of court.
It will boost cooperation between Hong Kong and its mainland Chinese counterparts in resolving commercial disputes over cross-border and international trade.
As a financial centre with a strong legal system, the Hong Kong government is keen to establish itself as an international arbitration hub.
