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| Hong Kong Grows As International Arbitration Centre |
by Mary Swire, Tax-News.com, Hong kong
Monday, December 12, 2011
In a recent address in Seoul, Hong Kong’s Secretary for Justice, Wong
Yan Lung, has expressed the government's determination to develop Hong Kong
into a regional dispute resolution centre, in particular as an international
arbitration hub in the Asia Pacific.
He had already remarked on a previous occasion that, with the commencement
of the Arbitration Ordinance on June 1, 2011, Hong Kong had a brand new regulatory
framework to enable arbitration to realize its full potential as a dispute resolution
mechanism, and to further strengthen the city's credentials as the regional
hub for international arbitration.
Wong now confirmed that the arbitration body, the Hong Kong International Arbitration
Centre, had already handled more than 170 international arbitration cases, and
was ranked second in Asia in terms of the number of its cases in 2010.
With the strong presence of foreign lawyers in Hong Kong, he said that Hong
Kong has long been opening its doors to major international arbitration bodies.
For example, the International Court of Arbitration of the International Chamber
of Commerce opened the first branch of its Secretariat in Hong Kong in 2008,
and has recently been benefiting from the increase of arbitration cases involving
Mainland Chinese parties.
In addition, he added that Hong Kong has received significant support in this
respect from the Chinese government. Wong cited the initiatives implemented
in Qianhai to encourage Hong Kong arbitration bodies to provide services to
Chinese enterprises there, and to widen the use of Hong Kong law in resolving
commercial disputes, as a recent example of that support.
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