Delegates from the Shenzhen Court of International Arbitration (SCIA) were invited to visit the International Center for Settlement of Investment Disputes (ICSID) on Tuesday in Washington, D.C., and the two parties reached a cooperation agreement that could help Chinese enterprises solve commercial disputes in America more efficiently and protect their rights and interests, the Shenzhen Special Zone Daily reported.
Liu Xiaochun, president of the SCIA, signed the cooperation agreement with Meg Kinnear, secretary general of the ICSID. According to the agreement, the two parties will offer supporting facilities for court trials and translators as well as other services to each other. They will jointly promote an alternative dispute settlement mechanism including arbitration and mediation in both business and legal circles.
The ICSID, aiming to increase foreign investments by creating an atmosphere of trust between countries and investors, was founded in 1966 and it is the most authoritative institution in investment dispute settlement through methods such as arbitration and mediation.
The SCIA is located in Qianhai, a demonstration zone for socialist rule of law with Chinese characteristics, and situated in the heart of the Guangdong-Hong Kong-Macao Greater Bay Area.
“To meet the requirements of markets, our court has established several channels for handling investment disputes since 2016,” said an SCIA official.
The official also stated that more investment disputes between Chinese investors and foreign governments would surface as more and more Chinese companies expand their markets abroad.
According to the official, cooperation between the two parties will have positive effects on Chinese companies abroad and investors in Asia. These Chinese companies are likely to use investment arbitration as a method to protect their own rights and interests while going abroad in the future.
The cooperation will also provide convenient and professional services for investors in other Asian countries and regions and attract more specialists to work in this field. (Cui Chenxin)