The official signing ceremony took place on 18th of May at the event held by the Law Society of Hong Kong, at the St. Petersburg International Legal Forum. With an independent judiciary, a robust common law legal system, entrenched best practices and regulatory processes of an international standard, Hong Kong remains one of the world’s major international legal hubs, with great potential for the formation of a strong and mutually beneficial partnership with Russia.
The aim of the cooperation between RAA and HKIAC is to maximize the utilisation resources through mutual cooperation and sharing of expertise and efforts in education, training and promotion, to advance arbitration and alternative dispute resolution methods in their respective jurisdictions. The parties also agreed to encourage the exchange and dissemination of information between each other’s organisations and to promote understanding and cooperation between their respective members.
Both parties agreed to enter into this Agreement of Cooperation on the following matters:
“The MOU marks an important milestone of strengthening ties between Hong Kong and Russia. I am confident that this collaboration would inspire more joint innovative activities and growth between the two institutions” - says Teresa Cheng, Chairperson, HKIAC
“Over the past decades, arbitration faced noticeable changes in terms of complexity of disputes tried outside state court systems and the global reach of the arbitration services. On the other hand, it became a conservative club of a few. Being an advocate of diversity, I truly praise the rise of new arbitration centres, such as HKIAC, which increase competition and consequently the accessibility and quality of services offered to the arbitration users.” - Roman Zykov, General Secretary, RAA
RAA Press Center