The Chinese central government will set up a preparatory office for the establishment of an international court of conciliation in the Hong Kong Special Administrative Region (HKSAR) to carry out intergovernmental negotiations over international conventions about the court.
The Chinese Foreign Ministry and the government of HKSAR signed an arrangement on the establishment of the preparatory office on October 21, 2022 to specify the details concerning the establishment of the office, according to a statement the ministry released on Tuesday.
At present, there is no intergovernmental international organization dedicated to mediation despite a growing demand from the international community in recent years. The existing dispute settlement institutions mainly settle international disputes through litigation and arbitration and generally merely use mediation as an auxiliary or preemptive means.
In order to meet the development trend and demand of international mediation, China drafted and reached a joint statement with countries with similar point of views and decided to initiate and establish the international court of conciliation, specializing in providing mediation services and offering friendly, flexible, economic and convenient solutions to all kinds of international disputes.
The international court of conciliation will be a treaty-based intergovernmental international organization established upon the consultation by all the parties. It is dedicated to resolving disputes and handling differences in a peaceful and friendly manner. It also serves as a beneficial complement to existing institutions and dispute settlement methods as well as a new platform for the peaceful settlement of international disputes. Members of the court are required to stick to openness and inclusiveness.
The preparatory office is expected to organize and carry out negotiations on the conventions to the establishment of the court from 2023.
The main consideration of setting up the preparatory office in Hong Kong is because of its excellent location and convenient business environment, especially its mature legal system which has unique advantages in providing legal services, including mediation. The establishment of the preparatory office will benefit future operation and promotion of the court.
Waigaoqiao Global Exchange: E-commerce will shift from internal supply to external demand
Waigaoqiao Global Exchange: E-commerce will shift from internal supply to external demandThe trial operation of Waigaoqiao Global E-commerce Platform adopts a diversified development model that emphas
02024-10-097
Directly targeting the leading area, the first wholly foreign-owned insurance holding company in Chi
The 2024 Paris Olympics are highly anticipated, and behind each intense competition, there is an 'invisible hand' that holds up a protective umbrella for the Olympic athletes. As a global insu
02024-10-098
How to build the "1" of the Free Trade Zone Linkage Innovation Zone?
Beetles, Lamborghinis, Ferraris from the 1950s... In the supervised warehouse of Jiading Comprehensive Bonded Zone, 14 classic vintage cars were successfully cleared after completing this year's r
02024-10-099
Shanghai Free Trade Zone's "First Treasure House": Smooth the "Way Home" fo
Shanghai, October 2 (Xinhua) -- The First Treasure House of Shanghai Free Trade Zone: Smooth the Way Home for Overseas Cultural Relics and ArtworksChina News Service reporter Wang JiThe Shanghai Inter
02024-10-09337
Improve the level of market access facilitation and create a world-class business environment! Pudon
China Shanghai Pilot Free Trade Zone is the only official official account certified by the Shanghai Free Trade Zone Management Committee. Here, you can get the most authoritative, comprehensive and t
02024-10-099
Opening up to the outside world | Shanghai Free Trade Zone: "proofing" for high-level open
Since the founding of the People's Republic of China 75 years ago, China's foreign economic and trade have achieved leapfrog development and historic achievements. The scale of foreign trade h
02024-10-097
诞生众多“第一”,上海自贸区展现大胆闯大胆试自主改的光荣与梦想——听一颗“种子”破土而出的声音
China Shanghai Pilot Free Trade Zone is the only official official account certified by the Shanghai Free Trade Zone Management Committee. Here, you can get the most authoritative, comprehensive and t
02024-10-09237
On October 8th, the concept sector of ASEAN Free Trade Area rose by 9%
At 9:26 on October 8th, the ASEAN Free Trade Area Concept Index reported 1093.189 points, an increase of 9%, with a transaction volume of 196 million yuan and a turnover rate of 0.10%.Among the stocks
02024-10-094
Daily limit up radar: Chinese characters+diversified finance+Shanghai Free Trade Zone Aviation Indus
Today's trend: AVIC Industrial Finance (600705) hit the limit up board today, with the stock hitting the limit up 8 times in the past year.Reasons for the change revealed: 1. The company's mai
02024-10-098
Xinjiang: Providing high-quality judicial services and guarantees for the construction of free trade
On the morning of April 24, 2024, the Urumqi International Land Port Free Trade Zone Circuit Court of the Toutunhe District People's Court in Xinjiang struck the first hammer and held a public hea
02024-10-095