 As
Asia's world city, Hong Kong is steadily gaining global
recognition as an international arbitration centre for the Asia
Pacific region, providing an ideal venue for speedy and reliable
dispute solutions.
This is one of the key messages that Mr. Yan Lung Wong,
Secretary of Justice of the Hong Kong SAR government, conveyed
to federal Minister of Justice, Robert Nicholson, Madame Chief
Justice Beverley McLachlin, as well as other senior judiciary,
legal, business, academic figures and government officials
during his three-day whirlwind visit to Ottawa and Toronto in
October.
Wong said, as large international disputes involving Chinese
parties were on the rise, some international arbitration
organisations have started moving eastwards to set up shops in
Hong Kong to serve the entire Asia Pacific region.
"For example, the International Court of Arbitration (ICA) of
the Paris-headquartered International Chamber of Commerce (ICC)
has opened in November 2008 its first ever branch of Secretariat
in Hong Kong," he said.
"This is a significant move by an international arbitration
institution of high repute and a show of confidence in Hong
Kong's position as a centre of dispute resolution."
A robust legal system, among other factors, enhances Hong Kong's
enviable reputation as the top choice for a regional centre of
impartial dispute settlement. The rule of law, upheld by an
independent judiciary, is Hong Kong's greatest strength. It has
long been hailed as the cornerstone of Hong Kong's
long-established position as a leading hub of international
commercial and financial activities.
As a matter of fact, the Hong Kong International Arbitration
Centre (HKIAC) set up in 1985 has proven to be instrumental in
boosting Hong Kong's leadership status as a reputable dispute
resolution centre for the Asia Pacific. Official records show in
2007 alone, HKIAC handled more cases than Singapore, Korea,
Japan and Malaysia combined.
 Arbitration
awards made in Hong Kong can be enforced in more than 130
jurisdictions. Today, awards made in Hong Kong and China is
enforceable on a reciprocal basis.
Elaborating on Hong Kong's strong legal system, Wong said the
rule of law and the "One Country, Two Systems" principle were
working in Hong Kong, as was confirmed by reports published by
independent observers including international rating agencies as
well as the governments of the United States, United Kingdom and
member countries of the European Union.
Based upon this strength, together with a vast pool of local and
international talents, healthy supply of capital, extensive
international network as well as world class trading, financial
and professional services, Hong Kong has long been recognized
both as a crucial platform for China's integration with the rest
of the world and a strategic springboard to China.
 In
a keynote speech delivered at a luncheon hosted by the Canadian
Club of Toronto, the Cambridge-educated lawyer pointed out,
"Common Law is not only preserved but is actually enriched by
the Basic Law, Hong Kong's Constitution. Since 1997, we have
further moved on from the predominantly English basis to attain
a more international jurisprudential repertoire, with Canada
being one of the contributors. As guaranteed by the Basic Law,
precedents from other common law jurisdictions can be referred
to in our courts."
Hong Kong's common law system is the only common law
jurisdiction within the whole of China. Hong Kong has close to
8,000 local lawyers. Most of them have a good understanding of
Chinese law and are qualified to sit forth Chinese legal system
on the mainland.
Hong Kong also boasts to be the most liberal jurisdiction in
Asia in terms of permitting foreign lawyers to practice. There
are no entry barriers for foreign firms or foreign lawyers to
operate in Hong Kong. There are over 60 foreign law firms,
including over half of the Global 50 have presence in Hong Kong.
Over 1,000 foreign lawyers, estimated to be about 40% of all
international lawyers in Asia are based in Hong Kong. |
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