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Commercial arbitration in Hong Kong

The UNCITRAL RULES recognizes the value of arbitration as “a method of settling disputes that may arise in the context of international relations and the wide use of arbitration for the settlement of treaty-based investor-State disputes”.[1]

The Hong Kong Government has greatly boosted the promotion of arbitration as a good way of dispute resolution. And the business community has welcomed with great interest.

The first rule concerning arbitration in Hong Kong, dates back to 1844, promoted by the commercial vision of British colonialism and ratified by an ordinance in 1855.

After, a replica of the United Kingdom standard was taken  from 1950 until the incorporation of the Convention of New York in 1977, following its ratification.

In 1982 it was published the Report on Commercial Arbitration, and finally in 1985 The Hong Kong International Arbitration Centre[2] was founded. And the 2013 HKIAC Administered Arbitration Rules set the parameters by which the arbitral proceedings are governed 

HKIAC is ranked in third position as the most preferred arbitral institution worldwide and the most favoured institution outside of Europe in 2015. [3]

The criteria of independence and impartiality make that this center  has been considered a benchmark in contracts with Asian agents.

HKIAC specific data:

hong-kong-nov-2016

  • New arbitration cases: Within the 271 arbitrations, 116 were administered by HKIAC under the HKIAC Administered Arbitration Rules or the UNCITRAL Rules.
  • Total amount in dispute: The total sum of all arbitration disputes reached HK$47.9 billion (approximately US$6.2 billion).
  • International arbitration caseload: HKIAC’s 2015 arbitration caseload continued to be predominately international in nature: 79% of new arbitration cases involved at least one non-Hong Kong party and 94.8% of new administered arbitrations were international cases.  43.3% of the arbitration cases filed with HKIAC in 2015 had no connection with Hong Kong and 6.1% had no connection with Asia.
  • Nationality of parties: Parties from 41 jurisdictions participated in HKIAC arbitration in 2015.

[1]The United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules (with new article 1, paragraph 4, as adopted in 2013)

[2] HKIAC

[3] Queen Mary University of London International Arbitration Survey.

Hong Kong economic freedom

Pdf version. Hong kong news

Promoting economic freedom leads to a higher growth of a country, it is demonstrated in the global ranking of economic freedom 2016 by the prestigious “The Heritage Foundation”.

Hong Kong ranks the first place, and we must go back to No. 43 to find Spain.

The overall progress of economic freedom in the world is an obvious fact, if we shuffle growth rates of different countries.

But, why Hong Kong occupies this first place? Wise economic policies along with one of the legal systems with higher transparency, are some of the reasons.

Hong Kong is regarded as a “Special Administrative Region” of China, since 1997, when it ceased to be a British colony. From this moment, it was applied as a method of organization, “one country, two systems”.

This means, to main a capitalist economic system within a framework governed by a communist country.

Hong Kong has an independent economic system in mainland China, a different administrative system and its own legal system governed by the British heritage, the Common Law.

Increased reliance of Hong Kong is the international trade. Like one of the financial center worldwide, it develops economic policies with guarantees of freedom and security for investors.

The strong support for dynamic business policies by the public administration, have made the city of Hong Kong one of the most prosperous in the world.

graffico hong kong

One of the strengths of the Hong Kong economy released, is the openness to foreign investment, there are no restrictions. It is possible that foreign investors have 100% of the capital, except for certain sectors such as telecommunications.

According to World Bank data, foreign direct investment in 2015 was $ 180,844,260.23, net inflow of capital.[1]

Fundamental to this, the numerous agreements that Hong Kong has signed with countries around the world for investments and double taxation agreements, like with Spain in 2012.

Hong Kong position in first place in the ranking as the region with the most liberated economy in the world is the result of a great work of its institutions.


[1] [1] International Monetary Fund, Balance of Payments database, supplemented by data from the United Nations Conference on Trade and Development and official national sources