A symposium on revisions of arbitration laws in China and United Kingdom was held jointly by CIETAC and Gately Legal at the headquarters of Grant Thornton in London on Thursday. [Xing Yi/China Daily]
With Chinese enterprises increasingly expanding overseas, the newly revised arbitration laws in both China and the United Kingdom reflect a broader trend in international arbitration toward convergence in building procedural trust for dispute resolution, legal experts said during a symposium in London on Thursday.
Hosted by the China International Economic and Trade Arbitration Commission, or CIETAC, the event attracted around 50 experts and lawyers specializing in cross-border dispute resolution to discuss the implications of the new laws and opportunities for deeper cooperation between the Chinese and British arbitration communities.
Arbitration is a form of dispute resolution in which parties agree to have their disputes decided by independent arbitrators rather than through court litigation. It is widely used in international business.
China officially implemented a comprehensive revision of its arbitration law on March 1, bringing it more closely into line with international best practices and providing stronger support for overseas commerce.
