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International Trade Dispute Resolution forum successfully held on Hainan

Hainan is actively developing a legal framework to protect the interests of businessmen and investors

HAIKOU, October 2. /TASS/. China's Hainan successfully hosted an international forum on mediation — the settlement of trade disputes with independent mediators prior to litigation, reported the Hainan Daily. 

According to the newspaper, a large-scale event was organized this week by China Council for the Promotion of International Trade (CCPIT) together with the Hainan administration with the support of the Chinese Ministry of Justice and other specialized organizations. More than 400 people took part in it — lawyers, court conciliators, arbitrators and legal advisers.

During the forum, the CCPIT Mediation Center entered into a cooperation agreement with the British company for international debt collection CCI Credit Management, and the Hainan branch of the committee signed a letter of intent with the Hong Kong Arbitration Institute. Moreover, the creation of a CCPIT Intellectual Property Dispute Resolution committee was announced.

The event was held both online and offline. Several dozen respactable experts from different regions of China (including the special administrative regions of Hong Kong and Macau) and more than ten countries, including UK, India and France, delivered speeches. 

Deputy head of CCPIT Lu Pengqi said the "Hainan Free Trade Port Bill" published in June was "China's first legal document to express written support for the settlement of commercial disputes." "This legal act clearly defines the requirements for the formation of multilateral mechanisms to eliminate contradictions in business," he stressed.

Hainan is actively developing a legal framework to protect the interests of businessmen and investors. In order to do so, the authorities are constantly working out new regulations, aimed at minimizing risks in the course of economic cooperation with other countries. Thus, with the strengthening of new open forms of cooperation between Hainan's Free Trade Port and other states, painstaking work is being carried out to create a reliable regulatory system for monitoring international projects.