The Unveiling Ceremony for the Nameplate of the ASEAN Trial Center of China International Economic and Trade Arbitration Commission (CIETAC) was held during the Forum, marking the official inauguration of the Center in Nanning.
The working pattern and mechanism of the Trial Center are: 1. If the agreed arbitration clauses set Nanning, Guangxi, as the place of arbitration, CIETAC may hear the case at the ASEAN Trial Center; 2. If there is no specified place of arbitration in the arbitration clauses, the CIETAC may, upon consultation and agreement of both parties, choose to hear the case at the ASEAN Trial Center; 3. Depending on the situation of the COVID-19 pandemic, if one of the parties is from an ASEAN country, CIETAC may hear the case in the ASEAN Trial Center to resolve the dispute upon consultation and agreement of both parties; 4. The ASEAN Trial Center will provide court facilities for the international arbitration institutions cooperating with CIETAC to hear a case if needed.
Established by CIETAC, the ASEAN Trial Center is an ASEAN-oriented institution that provides arbitration services. It will help Guangxi build a regional arbitration hub for RCEP member states, especially the ASEAN countries, aiming to create a rule-based and internationalized business environment. It also seeks to provide an expeditious arbitration environment for Chinese and ASEAN parties' disputes to encourage the use of arbitration among foreign traders and investors, offering legal measures for China-ASEAN economic and trade development.
(The forum is undertaken by Guangxi CA Panorama Group)
Photo - https://mma.prnewswire.com/media/1878911/image.jpg
Caption - The RCEP and ASEAN International Arbitration Summit