China / Society

Shanghai poised for bigger role in international arbitration

By Zhou Wenting in Shanghai ( Updated: 2016-03-07 15:03

Shanghai is poised for a greater role in international arbitration in the Asia-Pacific region with the growth in the number of institutions offering mediation and stronger support from the courts, the president of the International Bar Association said.

The Hong Kong International Arbitration Center, the International Court of Arbitration of the International Chamber of Commerce, and the Singapore International Arbitration Centre have set up offices at the China Pilot Free Trade Zone to boost Shanghai's strength resolving disputes in international trade and investment.

"The convergence of such institutions will bring about a bigger market of arbitration, an approach that is widely-used in the world to settle commercial disputes as more foreign businesses have poured into the Shanghai FTZ," David W. Rivkin, IBA president said at a media conference during Friday's annual International Arbitration Day, which attracted more than 500 of the world's leading arbitration lawyers to Shanghai.

"Moreover, Shanghai courts have shown a stronger support for arbitration and the list of situations in which the courts will set aside or decline to enforce an arbitration award has become shorter," Rivkin said.

The State Council last April recommended that Shanghai be built into a global-oriented arbitration center.

Since the establishment of the free trade zone in Shanghai in September 2013, arbitrators in Shanghai have become more international. The Shanghai International Arbitration Center currently has a panel of more than 850 arbitrators, and nearly 40 percent of them are from 40 other countries and regions.

The China (Shanghai) Pilot Free Trade Zone Arbitration Rules, which were tailored for the zone and consistent with international standards, were created two years ago.

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