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ISLAMABAD, July 22 : Center for International Investment and Commercial Arbitration (CIICA) has reached a consensus with Beijing Zhi Zhong Technology at a meeting to enhance cooperation on international arbitration and provide services for commercial activities under the China-Pakistan Economic Corridor (CPEC)and other international trade and investments.
According to a report published by Gwadar Pro on Wednesday, this was the first meeting between CIICA and Zhi Zhong, conducted through a video court system under a Memorandum of Understanding they signed in April this year.
Based on the MoU and the content of the meeting, the two parties will cooperate on the application of online arbitration system, share related information on arbitration law, and provide each other with legal investigation services. In addition, the two parties will jointly promote online arbitration services, including online case filing, evidence depository, and remote trial.
Rana Sajjad, President of CIICA said in the context of global economic integration, extensive cooperation in international arbitration is prerequisite for economic development. Online arbitration by virtue of high efficiency and convenience is very much in line with the future development trend.
Zhi Zhong’s CEO Zhang Tianwei said the two parties will promote each other in various aspects such as online arbitration, video courts, settlement of international trade disputes, and exchanges of arbitration activities, as well as jointly provide services for enterprises that are engaging in China-Pakistan trade and investments.
By far, Zhi Zhong has provided online arbitration system and relevant technologies for 15 arbitration institutions in China. The cooperation with CIICA is the first time for Zhi Zhong to go international.
Arbitration is a well-established and widely used means to end disputes. It is one of several kinds of Alternative Dispute Resolution, which provide parties to a controversy with a choice other than litigation.
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