BEIJING, Sept. 11 (DNA): Guangzhou Arbitration Commission (GZAC), China and Center for International Investment and Commercial Arbitration (CIICA) – Pakistan’s first international arbitration center – signed a memorandum of understanding (MoU), to deepen cooperation in international arbitration between both countries, according to China Economic Net.
GZAC stated that the signing of MoU symbolizes the joint construction of Belt and Road Initiative (BRI) by arbitration organizations of China and Pakistan.
In the future, the two sides will further promote the “Four Sharing”, explore new paths for the development of online dispute settlement mechanisms, jointly cope with the increasing number of transnational disputes and offer international arbitration services in a better way.
Chen Simin, Director of GZAC, noted on the occasion that the cooperation reached between CIICA and GZAC in the “Four Sharing” will surely promote the cooperation between China and Pakistan in the field of arbitration legal services.
Rana Sajjad Ahmad, Founder & President of CIICA, pointed out that at present, the construction of CPEC is of great importance to Pakistan’s development, and there is an urgent need to improve the relevant legal dispute settlement mechanism.
“CIICA highly acknowledges the innovation and achievements in the construction of the online dispute settlement mechanism of GZAC,” he said, adding that CIICA is willing to collaborate with GZAC to promote the integration and interoperability of arbitration legal services between both countries.
Yang Yong, Director of China Council for the Promotion of International Trade, Guangzhou Committee, congratulates on the signing of the MoU and said it is hoped that through this cooperation, both sides can deepen mutual understanding and actively promote the development of bilateral trade and investment cooperation with international commercial arbitration.
With the deepening of trade and industrial cooperation between China and Pakistan, how to deal with the inevitable transnational commercial disputes has become a common concern of both sides.
“Therefore, international arbitration is getting more and more important in promoting trade, investment, finance and infrastructure construction in CPEC,” remarked Ahmer Bilal Sufi, Former Federal Minister for Law and Parliamentary Affairs of Pakistan.