Hong Kong Poised to Become Global Mediation Hub
China signed a convention to set up an international mediation organisation in Hong Kong, aiming to elevate its status in global dispute resolution. This move, amid growing geopolitical tensions and trade wars, could economically benefit Hong Kong while positioning China as a key player in global governance.
China has signed a convention to establish an international mediation organisation in Hong Kong, positioning the city as a potential global hub akin to the International Court of Justice. The initiative, announced amid heightened geopolitical tensions, aims to enhance Hong Kong's international reputation and economic prospects.
With the ongoing U.S.-China trade tensions impacting global supply chains, Hong Kong's leader John Lee highlighted the potential economic benefits and job creation opportunities the organisation could bring. The mediation centre, comparable to The Hague's legal institutions, seeks to place Hong Kong at the forefront of international dispute resolution.
Representatives from countries like Indonesia, Pakistan, and Cambodia attended the signing ceremony, reflecting widespread international interest. The organisation, set to open in Wan Chai, will handle disputes between nations and private international entities, signalling China's growing influence in global governance.
(With inputs from agencies.)
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