Hong Kong on Wednesday welcomed the announcement by the International Chamber of Commerce (ICC) of its decision to open a branch of the Secretariat of its International Court of Arbitration in Hong Kong.
The branch secretariat, the first in Asia, will have a case management team to administer cases in the region under the ICC Rules of Arbitration. It is expected to be fully operational by the end of the year.
"The International Chamber of Commerce's decision to set up branch of the Secretariat of the Court in Hong Kong is an endorsement of our position as a premier center for international arbitration services. Its presence will enhance the provision of arbitration services in Hong Kong, " said Wong Yan Lung, secretary for Justice of the Hong Kong Special Administrative Region government.
The ICC International Court of Arbitration is one of the world's top international dispute resolution institutions. It is assisted by a secretariat located at the ICC headquarters in Paris. In 2007, it handled 599 domestic and international arbitration cases.
The Court oversees the ICC arbitration process and, among other things, is responsible for appointing arbitrators and scrutinizing and approving all arbitral awards.
(Xinhua News Agency, March 13, 2008)