International Arbitrator Expands Global Reach
In November, the Secretariat of the International Court of Arbitration of the International Chamber of Commerce (ICC) opened an office in Hong Kong, a move that should further raise Hong Kong's profile as a regional arbitration hub.
The ICC Court announced early this year that it would establish a branch of the ICC Court Secretariat in the city to administer regional cases. A liaison office, from which the regional director will be responsible for promoting ICC dispute resolution services in Asia, will open in Singapore.
"We are very excited by these two steps, which reflect our conviction that the Asia-Pacific region is of significant importance to the future of ICC Dispute Resolution Services, said Jason Fry, Secretary General of the ICC International Court of Arbitration. "Our desire is to respond to an increasing demand for the provision of high-quality services locally. ICC is a truly international organization and, as such, wishes to ensure its global reach to the international business community."
The ICC Court Secretariat administers arbitration on a day-to-day basis from Hong Kong, acting as the interface between parties, arbitrators and the ICC Court. The Secretariat team, headed by one counsel, follows each case with the help of state-of-the-art case management and information retrieval systems.
ICC Court figures show that there has been a steady rise in the number of commercial arbitrations over the past decade. Last year, the ICC Court handled a record 599 new cases, involving more than 1,600 parties from 126 countries and independent territories. Of those, nearly 18 percent of all parties in new arbitrations introduced at the ICC originated in Asia.
"With so much trade occurring in the region, it is inevitable that there should be commercial disputes. Businesses are increasingly aware of the benefits of alternative forms of dispute resolution, which is where dispute resolution providers come in," said Khong Cheng-Yee, Director of ICC Arbitration and Amicable Dispute Resolution (ADR), Asia.
"With the growing importance of Asia and the Pacific, it should come as no surprise that the ICC is setting up offices in the region," Ms. Khong added. "I believe these moves will bring ICC arbitration and ADR services closer to users in Asia, enabling us to better serve the business and legal communities in the region."
Companies often see arbitration as the preferred alternative to litigation, Ms. Khong said. "Arbitration usually ensures confidentiality of the process and the resulting awards." Independent arbitrators, she noted, may be selected by the parties and are able to conduct proceedings that are tailored to suit the parties' needs, an option not generally available in proceedings before national courts. Awards are enforceable against uncooperative parties in the 142 countries that are signatories to the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards – often referred to as the New York Convention.
The ICC Court Secretariat joins the Hong Kong International Arbitration Centre in providing dispute resolution services in Hong Kong, where the case load, reportedly, is fourth behind the Mainland of China, the United States and Europe. But what sets the ICC Court apart, according to Ms. Khong, is its 85-year experience in administering commercial arbitrations and its strong independent and international background, with rules updated regularly to ensure fair results. The ICC Court comprises more than 120 members from some 90 countries, all of whom are respected practitioners or in-house counsel in their own country and often beyond. The Secretariat has some 70 staff members, half of whom are lawyers; together, they speak more than 20 languages.
"Hong Kong has many of the ingredients to become a successful arbitration hub. It will soon be updating its arbitration law, which will be based on the United Nations Commission on International Trade Law (UNCITRAL) Model Law on International Commercial Arbitration. Its judiciary is reputed to be arbitration-friendly, non-interventionist, neutral and independent. Hong Kong also offers a large pool of legal expertise," Ms. Khong said.
International Chamber of Commerce: http://www.iccwbo.org/court/
Hong Kong International Arbitration Centre: http://www.hkiac.org/
Source: Hong Kong Trader, Hong Kong Trade Development Council
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