The status of Hong Kong as center for consideration of the international commercial disputes will increase. 06.03.2019 06:50
On January 18, 2019 Hong Kong Special Administrative Region and continental China signed the arrangement on mutual recognition and carrying out of judgments on civil and commercial cases. The status of Hong Kong as center for consideration of the international commercial disputes will increase.
The agreement on mutual recognition and carrying out of judgments on civil and commercial cases between Hong Kong Special Administrative Region and the Continent establishes a bilateral legal mechanism which regulates questions of recognition and carrying out of judgments on civil and commercial cases between two territories. The agreement will reduce the probability of second trial in court on the same circumstances concerning which a judgement is already passed by court of one of the agreeing territories.
So far Hong Kong concluded already six agreements with the Continent of rather various aspects of mutual legal assistance in civil and commercial matters.
The agreement signed on January 18 is directed to reduction of number of judicial proceedings, guarantees of interests of the parties of judicial proceedings also raise.
The arrangement, except assistance to legal cooperation between Hong Kong and the Continent in civil and commercial matters, will raise the status of Hong Kong as regional center for rendering services in the sphere of the international commercial arbitration (consideration of the disputes following from commercial contracts and foreign trade activities by special commercial court).
The agreement will come into force after both participating territories finish all necessary preparatory procedures for implementation of standards of the agreement in the system of the local legislation, and is will be applied by vessels after the effective date.