New arbitration center to be established in HK
The Asian-African Legal Consultative Organization (AALCO) officially announced the establishment of a regional arbitration center in Hong Kong at its 59th annual session on Monday (Nov. 29), the Department of Justice said.
An unveiling ceremony of the new center was also held to mark a major milestone in the development and promotion of Hong Kong as an international legal and dispute resolution services hub.
The department noted that regional arbitration centers under the auspices of the AALCO function as international institutions with the objective of promoting international commercial arbitration in the Asian-African regions and providing for the conducting of international arbitrations.
Further to the approval of AALCO's work plan in 2018 in relation to the establishment of another arbitration center, the organization's Secretary-General and the government of the People's Republic of China agreed to set up the center in Hong Kong.
In addition to the five existing regional arbitration centers, the one in HK will seek to integrate itself in the AALCO dispute settlement system and perform a variety of tasks, including providing facilities for alternative dispute resolution services and assisting in the enforcement of arbitral awards.
It will also promote the growth and effective functioning of arbitration and other dispute resolution services.
The department said that with an abundance of legal and dispute resolution talent as well as a mature and robust legal system and relevant infrastructure, HK has all the components to bring out the best in the new regional arbitration center.