Credible new global mediation body will draw investors to Hong Kong: Paul Chan The new International Organisation for Mediation launched in Hong Kong will be an efficient, fair and credible mechanism for dispute resolution and attract investors from the Global South as the world economy shifts towards these developing countries, the city’s finance minister has said. Financial Secretary Paul Chan Mo-po said on Sunday that the inauguration of the China-led body on Friday established the city’s role as the global legal and mediation centre for the Asia-Pacific region. “An efficient, fair, just and credible dispute resolution mechanism is one of the important pillars for promoting more international investment and trade, and helps to enhance investor confidence,” Chan wrote on his weekly blog. “As China’s only common law jurisdiction, Hong Kong has excellent rule of law, comprehensive legal and dispute resolution services, coupled with a trilingual environment and tolerance for different cultures, making it the most ideal location for the International Organisation for Mediation.” Chan also said that the establishment of the legal body would enhance the competitiveness of the city’s international finance, trade and shipping industries, and promote good ties with the Global South, referring to countries in Africa, Latin America and Southeast Asia. The finance minister noted that the global economy was “shifting eastward”, and development countries in Asia, including China, which made up one-quarter of the world’s gross domestic product, wanted more say in international governance. “In recent years, more Asian and African countries have also stated their desire to adopt mediation as an alternative to arbitration for resolving disputes,” said Chan, noting that mediation was more “flexible, economical and efficient” than arbitration. Chan also said Hong Kong was “naturally an ideal partner” for Asean countries and those in the Middle East which had very young populations and relatively stable governments. “They all hope to focus on the economy, promote diversified economic development and are willing to invest more resources in infrastructure development, green transformation, the digital economy and the improvement of public services such as healthcare and education,” he said. “The nature of litigation and arbitration is confrontational, often resulting in one party being satisfied with the outcome while the other is not. In contrast, mediation aims to achieve a win-win solution on a voluntary basis,” he added. Lam said all countries were welcome to use the body’s services, even if they were not among the current 33 signatories. Lau Siu-kai, a consultant to the semi-official Chinese Association of Hong Kong and Macau Studies think tank, told the Post that Hong Kong’s mediation centre could stand out as an alternative to those in Western countries. “The way the West solves problems, in line with its history and culture, might feel disadvantageous for developing countries in the Global South,” he said. “In times of conflict, these countries can come to Hong Kong for mediation aligned with Chinese values, such as prioritising harmony and making sure both parties walk away feeling respected.” He added that Hong Kong would need time and significant cases before it could prove itself and become a reputable mediation centre on the global stage. Lau said that the trade war was an opportune time for the city to establish itself as a legal hub as he foresaw many businesses from countries belonging to China’s Belt and Road Initiative would be affected by the US tariffs and need such mediation services. The opening of the headquarters of the International Organisation for Mediation, located at the former Wan Chai Police Station, is set for as early as the end of this year. It is the first intergovernmental organisation to be based in Hong Kong. Chinese Foreign Minister Wang Yi took the lead at a high-level ceremony on Friday for countries to formally sign as founding members of the organisation. Most of the 33 signatories were African countries, such as Algeria, Ethiopia and Cameroon. Alongside them were countries from Asia, including Pakistan, Laos and Indonesia, five from Latin America and the Caribbean, five from Oceania and two from Europe. https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3312633/credible-new-global-mediation-body-will-draw-investors-hong-kong-paul-chan (ICE HONG KONG)

Fonte notizia: South China Morning Post