Hong Kong’s potential as even more attractive arbitration hub
(Posted on 01/11/18)
Hong Kong has the potential to become an even more attractive international hub for arbitration in the Far East if it develops a more global strategy and embraces foreign investment, according to Edward Yang Liu, Hill Dickinson counsel in Hong Kong.
Hong Kong has its own unique advantages and favourable conditions and can provide convenient, neutral and diversified legal and dispute resolution services for international businesses.
In particular, Hong Kong benefits from being the only Chinese jurisdiction which practices common law and adopts a common law system familiar to the international business sector. Hong Kong also possesses a strong professional legal community (including approximately 1,500 registered foreign lawyers from different jurisdictions) whose members have extensive experience in resolving commercial disputes in international commerce, intellectual property and shipping.
Speaking at the International Maritime Law Conference in Shanghai today (30 October), Mr Liu urged Hong Kong to “utilise its uniqueness” and make full use of the Belt and Road initiative in order to expand is arbitration sector.
“Arbitration has long been welcomed by commercial industries for its distinct advantages of finality, simplicity, flexibility and confidentiality,” he said. “Hong Kong is a popular seat for arbitration due to it being a common law jurisdiction and its incorporation of clauses and ideas in both of the UNCITRAL Model Law and the English Arbitration Act 1996 to ensure international recognition and reinforcement of its global status as an international legal hub.”
Acknowledging the fact that Hong Kong’s popularity seems to have dwindled a little in recent years he added that: “Hong Kong should address any technical and commercial problems under its existing arbitration regime and utilise opportunities under the Belt and Road Initiative and the Guangdong-Hong Kong-Macau Greater Bay Area Plan in order to expand its arbitration sector.”
Latest News
Torvald Klaveness consolidates groupwide digital solutions
(Posted on 31/03/25)Torvald Klaveness has announced the decision to consolidate all digital services under Klaveness Digital... Read more
INTERCARGO reaffirms call for simplicity as IMO climate talks intensify
(Posted on 31/03/25)The International Association of Dry Cargo Shipowners (INTERCARGO) has renewed its call for straightforward... Read more
The Swedish Club reports strong 2024 results
(Posted on 31/03/25)The Swedish Club has delivered strong results for 2024, posting a USD 34 million profit and significantly... Read more
NORDEN adds two newbuilding Capesize leases with purchase options
(Posted on 27/03/25)In line with NORDEN’s positive long-term outlook for Capesize freight rates, the company have... Read more
Enhanced data collection for Western Bulk
(Posted on 27/03/25)OrbitMI, a global provider of maritime software and data products, has expanded its workflow capabilities... Read more
ClassNK appoints new President & CEO and Executive Vice President
(Posted on 27/03/25)Current ClassNK Senior Vice President Hayato Suga has been appointed as President & CEO as well... Read more
ASL sees continued surge in demand for Cape Size carriers
(Posted on 19/03/25)The surge in demand for Cape Size bulk carriers will continue for another six weeks, driven on by increased... Read more
Partnership to enhance compliance and emissions management
(Posted on 18/03/25)OrbitMI, a leading provider of maritime SaaS software, has announced that Istanbul-based Statu Shipping... Read more
INTERCARGO statement on loss of seafarers in Odesa bulker attack
(Posted on 18/03/25)“The International Association of Dry Cargo Shipowners (INTERCARGO) is deeply saddened by the... Read more
DNV white paper on adoption of ammonia and hydrogen fuels
(Posted on 18/03/25)As the shipping industry continues its transition to carbon-neutral fuels, ammonia and hydrogen are... Read more
