Cross-border investments, in the recent past, led to complex relations amongst the commercial parties. Commercial parties are moreover depending on the international arbitration to solve respective disputes. Hong Kong, for many reasons, is considered to be the most attractive arbitral venue in Asia Pacific.
As per the World Economic Forum Global Competitiveness Report, published for year 2013-2014, Hong Kong is ranked fourth amongst the 148 jurisdictions. Hong Kong is supposedly ahead of countries like Singapore, U.K., U.S., and member nations of the European Union. Hong Kong’s arbitrators are highly experienced to independently solve any cross border disputes. In no time, Hong Kong has turned out to be the arbitration hub for domestic as well as international parties, to solve cross border disputes.
With their own arbitration body, ‘The Hong Kong International Arbitration Centre HKIAC’, the quality of arbitration services in Hong Kong has improved. Parties from around the globe avail cost-effective arbitration services from HKIAC, which is independent from governmental interference. The ‘International Court of Arbitration’ of the International Chamber of Commerce ICC, opened its branch in Hong Kong to offer arbitration services in Asia Pacific. ‘The China International Economic and Trade Arbitration Commission CIETAC’ opened its first branch outside Mainland in September 2012. The presence of CIETAC in Hong Kong, enhanced the competitiveness further for international arbitration.
Recent cases proved that the courts in Hong Kong adopted a pro-arbitration method. The arbitral services and facilities are appreciated by the parties availing the services. Thanks to the well-developed law, ties with China, and the courts' pro-arbitration attitude, Hong Kong has established and differentiated itself from other arbitration centers in Asia. The number of parties choosing Hong Kong, as their center for arbitrate services, has gone up in the recent past. With its evidential support, Hong Kong is expected to remain as the top arbitration destination in Asia.