The Department of Justice has welcomed the 2021 International Arbitration Survey released by Queen Mary University of London today (May 7) in which Hong Kong is ranked the third most preferred seat for arbitration worldwide.
"Hong Kong's strength in dispute resolution is premised on its infrastructure, business opportunities and pool of talents. Our Judiciary is independent and impartial while our common law system provides a degree of certainty and predictability for investors and the international business community," the Secretary for Justice, Ms Teresa Cheng, SC, said.
The shift of the global economy is without a doubt moving to Asia. It is inevitable that more transactions generate more disputes. Ideally, disputes should be dealt with inside the region, preferably where the transactions took place, for reasons of costs and efficiency, and importantly an understanding of the culture.
It should be noted that the unique advantage under "one country, two systems" allows Hong Kong to enter into the game-changing interim measures arrangement with the Mainland which took effect in 2019. Hong Kong is the only jurisdiction outside the Mainland where parties to arbitral proceedings would be able to apply to the Mainland courts for interim measures. The availability and enforceability of interim measures plays an important role in the choice of seat of arbitration.
Hong Kong has a pool of experienced professionals with international perspectives not just in legal and dispute resolution services but also in areas such as financial services, accounting, engineering, shipping and information technology.
"The result of the 2021 International Arbitration Survey is a recognition of our long-standing and unwavering commitment to the promotion of arbitral services. However, we should not be complacent about our existing competitive edge. We endeavour to explore new initiatives with a view to consolidating Hong Kong's status as an international legal hub for legal, deal-making and dispute resolution services," Ms Cheng said.
Ends/Friday, May 7, 2021