Publish time: Fri Oct 21 17:14:17 CST 2016
On Sep 9 2016, the international forum entitled “How Belt and Road Initiative will Change Arbitration and ADR” was held at the V- Continent Beijing Parkview Wuzhou Hotel. This event was hosted by the China Academy of Arbitration Law and the Chartered Institute of Arbitrators (East Asia Branch). The BAC attended this event as its supporting organization. The BAC Deputy Secretary General Dr. Chen Fuyong delivered a keynote speech in the section on “Roles of Arbitration Institutions, Judiciary and Lawyers in Opportunities brought by Belt and Road Initiative”.
Dr. Chen Fuyong
Dr. Chen firstly mentioned the fact the arbitration institutions currently were considering how they could well fit with the Belt and Road Initiative. With respect to the role definition of arbitration institutions under the Belt and Road initiative, he raised three questions: first, will those commercial entities automatically choose arbitration for dispute resolution under the Belt and Road initiative? Second, what is the particularity of disputes related to the Belt and Road Initiative in comparison with regular commercial disputes? Third, what can arbitration institutions provide in addition to arbitration services?
To the above three questions, Dr. Chen was of the opinion that in light the Belt and Road Initiative was a significant national strategic plan, arbitration institutions should go with this tide of the time and integrate themselves into the world with an internationalized strategic vision. However, disputes under the Belt and Road Initiative have their own particularity, and arbitration as a way of dispute resolution should give full play to its advantages of professionalism, high efficiency, well respect to party autonomy and the like, as well as break through its limitations and exert positive influence on the settlement of such disputes. Apart from that, he thought that Chinese arbitration institutions should have awareness of home field, with which they were expected to seize the market of commercial disputes under the Belt and Road Initiative, to escalate their competence to a new level, to endeavor to develop diversified dispute resolution services such as mediation, to provide more practical experience with Chinese characteristics, and to contribute to Chinese arbitration institutions’ solid position within the global arbitration community. The BAC is willing and prepared to play its due role in this course of history, and to provide better arbitration services to commercial entities under the Belt and Road Initiative.
The Forum
To end his speech, Dr. Chen quoted President Xi’s words, “history is always going forward, and it never wait for all those who are hesitant, wavering, slack and weak. Only those who keep pace with the history and share the destiny with the time will embrace a bright future”.