(Yicai Global) Aug. 24 -- Scholars from the cities of Shanghai and Hong Kong have jointly called for establishing a mechanism to settle international trade disputes in China.

At the 5th Shanghai-Hong Kong Commercial Mediation Forum, co-organized by the Department of Justice of Hong Kong, Shanghai Law Society and other institutions on Aug. 18, officials and scholars advocated for adopting a globally integrated dispute settlement mechanism such as the Singapore Mediation Convention.

The Singapore Mediation Convention establishes a unified legal framework for settlement of international commercial disputes. It was drafted by the United Nations Commission on International Trade Law and signed by 46 countries including China in 2019.

China’s signing is of great significance to form a commercial mediation market and improve legal services in the country, said Cui Yadong, president of the Shanghai Law Society.

The DoJ has persisted in publicizing mediation’s advantages of efficiency, confidentiality, and voluntariness for years, achieving good social benefits, Hong Kong’s Secretary for Justice Teresa Cheng said at the forum, adding that she looks forward to continued dialogue on dispute resolution between the two cities.

In the context of the Belt and Road Initiative and active promotion of a globally integrated and diversified dispute resolution mechanism, mediation will play a greater role in Eurasia, and China is expected to make further development in this field, said Anna Joubin-Bret, Secretary of the UNCITRAL.

The Shanghai Municipal Commission of Commerce released a collection of 17 commercial mediation cases between Shanghai and Hong Kong at the forum, with the goal of providing more solutions for commercial disputes, effectively filling the gap in the compilation of cases, and helping improve the business environment for both Shanghai and Hong Kong.

Editor: Futura Costaglione