Cooperation mechanism of Belt and Road arbitration institutions gains more international recognition

This year marks the 10th anniversary of the proposal of the Belt and Road Initiative.

Over the past decade, Chinese arbitration institutions have witnessed a growing number of cases involving countries and regions along the Belt and Road, and they are playing an increasingly crucial role in resolving disputes.

The arbitration institutions of the countries and regions along the Belt and Road continued to deepen cooperation on multiple fronts, including improving risk prevention and resolution capabilities and strengthening talent cultivation.

As one of them, the China International Economic and Trade Arbitration Commission (CIETAC) has handled a total of 2,856 relevant cases involving countries and regions along the Belt and Road in the past 10 years, amounting to 153.5 billion yuan (about $21 billion). Nearly 300 of these cases exceeded 100 million yuan, involving parties from 62 countries and regions along the Belt and Road.

In 2019, the CIETAC, in collaboration with more than 40 major domestic and international arbitration institutions, reached the Beijing Joint Declaration of Belt and Road Arbitration Institutions, giving birth to the first international arbitration institution cooperation community under the framework of the Belt and Road Initiative.

In 2021, the CIETAC, along with 32 international arbitration institutions and 15 domestic arbitration institutions, unveiled the cooperation mechanism of the Beijing Joint Declaration of Belt and Road Arbitration Institutions.

After two years of development, membership of this cooperation mechanism has expanded to 55 institutions. 

This year's China Arbitration Week has featured numerous events with themes related to the BRI. Several summit forums, such as the forum on enterprises going global under the Belt and Road Initiative and the symposium on the high-quality development of legal service cooperation regarding foreign-related commercial arbitrations, were held throughout the week.

Notably, a cooperation mechanism on foreign law ascertainment of Belt and Road arbitration institutions was also initiated during this year's arbitration week.

The mechanism now includes 39 partners, including 24 international arbitration institutions and dispute-settlement organizations from nearly 20 countries and regions.