12 Asian Legal Business | December 2024 Brought to you by CIETAC CIETAC Officially Launched the International Arbitration Cooperation Initiative 2024 At the China Arbitration Summit 2024 & China-MENA Arbitration Summit (the “Summit”) held on September 26, the China International Economic and Trade Arbitration Commission (“CIETAC”) officially launched the “International Arbitration Cooperation Initiative 2024” (the “Initiative”), an important achievement aimed at strengthening cooperation in the rule of law in international arbitration. Against the background of in-depth development of economic globalization, in order to effectively adapt to the new opportunities and challenges brought about by the changes of the times, strengthening international cooperation to promote the development of international arbitration has become a wise solution. On the one hand, the number of international arbitration cases has been on the rise in recent years, and strengthening international cooperation in arbitration is a realistic need for international economic and trade dispute resolution. Taking CIETAC as an example, the number of foreign-related cases accepted and the total amount in disputes have continued to grow, involving an increasing number of countries and regions. With a high level participation by foreign arbitrators and diverse procedural languages and applicable laws, CIETAC awards are widely recognized and enforced worldwide, fully demonstrating the practical need of deepening international arbitration cooperation. On the other hand, there is already a consensus within the arbitration community to strengthen international arbitration cooperation. In CIETAC’s key cooperation achievements related to the Belt and Road, such as the Beijing Joint Declaration of Belt and Road Arbitration Institutions and its Cooperation Mechanism, and Cooperation Mechanism on Law Ascertainment of Belt and Road Arbitration Institutions, as well as in the RCEP and ASEAN International Arbitration Summits, China-Latin America International Arbitration Forum, and China-Central Asia Arbitration Forum organized by CIETAC, both Chinese and foreign arbitration institutions have expressed active support, showing the strong will of the international arbitration community to deepen exchanges and strengthen cooperation. (Wang Chengjie, Vice Chairman and Secretary General of CIETAC, moderating the launching ceremony of the Initiative) Hence, CIETAC officially formulated the “International Arbitration Cooperation Initiative 2024” this year, and organized a dialogue between China, the Middle East and North Africa arbitration institutions on September 25 on the eve of the Summit to further discuss the text of the Initiative, which received a warm response and was unanimously adopted. The Initiative indicates that international arbitration is an indispensable dispute resolution mechanism for cross-border commercial disputes. In order to promote the development of international arbitration, the international arbitration community should strengthen their ties to collaborate. It is necessary to continuously adhere to fairness and justice, ensure the transparency and independence of arbitration; deepen the cultural exchange of arbitration, advocate open and win-win cooperation, actively seek judicial support, and strengthen the enforcement of cross-border awards. It is also necessary to work together to make good use of technological innovation, striving to achieve green arbitration, gather the strength of alternative dispute resolutions to improve the quality of arbitration services, and work together to train talents to solidify the foundation for future development. Up to now, the Initiative has gained the support and response of 30 international arbitration institutions, mainly from the Middle East and North Africa region. In the future, CIETAC will work with all parties to take the Initiative as a guideline, continue to play an important role in international arbitration, foster the vigorous exchanges on the rule of law, and jointly write a new chapter for international arbitration cooperation. CIETAC Tel: 010-82217788, 64646688 Fax: 010-82217766, 64643500 Email: info@cietac.org Website: www.cietac.org
RkJQdWJsaXNoZXIy MjA0NzE4Mw==