The establishment of the AALCO Hong Kong Regional Arbitration Centre was officially announced today (November 29) at the 59th Annual Session of the Asian-African Legal Consultative Organization (AALCO), followed by an unveiling ceremony which marked a major milestone in the development and promotion of Hong Kong as an international legal and dispute resolution services hub.
Regional arbitration centres 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 AALCO's work plan approved in 2018 in relation to the establishment of another arbitration centre, the Secretary-General of the AALCO and the Government of the People's Republic of China have agreed on the establishment of the regional arbitration centre in the Hong Kong Special Administrative Region (HKSAR). It is with major support from the Central People's Government and the AALCO that the Hong Kong regional arbitration centre can be established.
Adding to the five existing regional arbitration centres of the AALCO, the regional arbitration centre in Hong Kong 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, and to also promote the growth and effective functioning of arbitration and other dispute resolution services, including online dispute resolution services.
Having an abundance of legal and dispute resolution talents as well as a mature and robust legal system and legal infrastructure, the HKSAR has all the components to bring out the best in the new regional arbitration centre.
Ends/Monday, November 29, 2021