China International Economic and Trade Arbitration Commission (“CIETAC”) has launched a CIETAC arbitration centre in Hong Kong, its first outside mainland China.
A new platform to meet rising demand
The new CIETAC Hong Kong Arbitration Centre provides a new platform to cater for increasing needs of arbitration and dispute resolution facilities in the region.
Best of both worlds
The new CIETAC centre is leveraging on Hong Kong's advantages – the highly reputed legal system, the skilled legal professionals, the neutral and confidential nature of the arbitration procedures, and the non-interventionist approach by the government, just to name a few.
Hong Kong - an international arbitration hub
Hong Kong is one of the most popular seats for arbitration in the Asia-Pacific region, particularly in relation to China-related disputes. The opening of the CIETAC Hong Kong Arbitration Centre strengthens Hong Kong’s position alongside the existing services provided by the Hong Kong International Arbitration Centre (“HKIAC”) and the Asian branch of the International Chamber of Commerce (“ICC”) International Court of Arbitration.
Advantages of CIETAC
Speed – CIETAC arbitrations are relatively efficient, with most CIETAC arbitration cases concluded within 6 months after the tribunal is formed.
Popularity – CIETAC is popular and familiar among the Chinese community, and is often the first choice for arbitration for Chinese parties.
Pool of arbitrators – On the CIETAC panel there are more arbitrators with expertise in Chinese-specific topics, and parties are free to select arbitrators who are not on CIETAC’s Register of Arbitrators. CIETAC also has on its panel arbitrators from jurisdictions other than the PRC.
New CIETAC Rules – The new rules contain provisions for interim measures which may be given by the arbitral tribunal. This only applies where the seat of the arbitration is outside of the PRC and may therefore be used in a CIETAC arbitration seated in Hong Kong.
What it means to you
You can now choose Hong Kong as a seat for CIETAC arbitrations. All CIETAC disputes seated in Hong Kong will be governed by the Hong Kong Arbitration Ordinance, according to CIETAC’s new 2012 arbitration rules (as discussed in our alert earlier this year: click here).