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Hong Kong Becomes Arbitration Capital of Asia
Hong Kong, known as "arbitration capital of Asia," is uniquely placed to provide dispute resolution services in maritime matters, according to a report released by the Marine Department lately.
Its empathy with traditional mediation skills and blending the best service providers from the East and West have turned Hong Kong into the prime center in Asia for all arbitration matters, the report said.
Hong Kong has long been the international maritime capital of Asia not only because of its excellent location supported by world- class communications, transport and financial services, but coupled with an enormous pool of experienced professionals in shipping affairs, it said.
Established in 1985 by a consortium of leading businessmen and professionals, the Hong Kong International Arbitration Center has since developed to become the focus for Asian dispute resolution, offering a free information service together with a wide range of literature relating to arbitration, and last year oversaw 257 cases.
With the growing popularity of using arbitration to resolve international disputes, the center has adopted two new procedures to assist parties with their maritime related difference, according to the Marine Department.
One procedure relates to "Documents Only" disputes while the other for "Small Claims," a procedure more suitable for use in arbitration where neither the claim nor counterclaim exceeds the sum of 50,000 U.S. dollars, the department said.
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