Arbitration center moves closer after deal signed

China's ambassador to the United Nations has signed an agreement to establish a regional arbitration center in Hong Kong with the Asian-African Legal Consultative Organization, or AALCO, promoting international commercial arbitration in the area.

Zhang Jun, China's permanent representative to the UN, and Kennedy Gastorn, secretary-general of the AALCO and Tanzania's permanent representative to the UN, signed the agreement in New York on Nov 10.

The center will cooperate with existing arbitration institutions in the region and assist in the enforcement of arbitral awards.

"With the development of China and the implementation of the 'one country, two systems' policy, Hong Kong has shown its bright future in development," Zhang said.

"The decision by China and AALCO to establish a regional arbitration center in Hong Kong is of great significance. It will help expand the influence of AALCO, enhance regional cooperation, build Hong Kong into a center for international legal and dispute resolution in the Asia-Pacific region, and promote the HKSAR's development. China is fully confident of the center's promising prospects."

'Milestone pact'

Gastorn said the signing of the agreement is "a milestone in the history of AALCO and another fine example of AALCO-China cooperation". He said the establishment of the center "will inject new impetus into the development of AALCO and strongly support AALCO's greater role in promoting regional trade, international investment and dispute settlement".

The AALCO looks forward to further communication and cooperation with China.

Established in 1956, the intergovernmental organization aims to promote exchanges and consultation among Asian and African countries on international law issues and reflect their own demands in the development of international laws.

With 47 member states and two permanent observer states, the AALCO is the only platform for international law cooperation across Asia and Africa, said Chinese Premier Li Keqiang while attending the opening ceremony of the 59th annual meeting of the AALCO online on Monday.

The AALCO has also set up regional arbitration centers in Cairo, Kuala Lumpur, Lagos, Teheran and Nairobi.