Tashkent International Arbitration Centre TIAC and Hong Kong International Arbitration Centre (HKIAC) have agreed to cooperate, in which the parties will exchange experts, share experience in dispute administration and organize joint events.
As it is known, the legislation of Hong Kong is fundamentally different from the legislation of mainland China. In Hong Kong, the Anglo-Saxon legal system operates, and in China - the continental.
HKIAC was created jointly by the business community and the Hong Kong administration in 1985, and in 2014 was awarded the Global Arbitration Review (GAR) award for innovation in case administration. According to the statistics of 2018, 521 cases were considered in HKIAC, where the total amount of claims in arbitration proceedings amounted to 52.2 billion US dollars, which averages 43.2 million US dollars per dispute. From the total number of arbitration proceedings, 31.9% of disputes are related to international trade, 19.2% - to construction, 13.5% - to corporate law, 6.2% - to banking and financial affairs, etc.
Since 2019, the collaboration between TIAC and Chinese partners has acquired a new vector.
So, for the first time in history, arbitration weeks will be held in Hong Kong and Beijing with the support of the Tashkent International Arbitration Center (TIAC) under the CCI of Uzbekistan.
TIAC Director Diana Bayzakova and other representatives of the CCI of Uzbekistan will hold road shows and presentations of the Center as part of the Hong Kong and China Arbitration Weeks, which will be held from October 20-25, 2019 and November 5-6, 2019, as well as at the largest Belt and Road Initiative forum on November 7, 2019 in Beijing.
Hong Kong and China Arbitration Week are large-scale platforms where experts from all over the world discuss the most pressing issues, exchange experiences and analyze innovations in the field of international arbitration, as well as establish close ties.
So, during the Belt and Road Initiative forum, it is planned to sign a memorandum of cooperation between TIAC and the China International Economic and Trade Arbitration Commission (CIETAC). TIAC will also hold several business meetings with representatives of the Beijing International Arbitration Center (BIAC), Shanghai International Arbitration Center (SHIAC) and leading Chinese companies, where cooperation prospects will be discussed.