The Judiciary on Thursday announced its plan to establish the specialist division of the High Court to strengthen Hong Kong’s position as both an international financial centre and a leading international dispute resolution hub, thus aligning with the nation’s 15th Five-Year Plan.
It will solely handle complex, high-value international and cross-border commercial disputes.
In a statement, Chief Executive John Lee said the court will contribute new and greater strength to the country’s high-level opening up, while further promoting the development of international commercial rules.
“The National 15th Five-Year Plan explicitly outlines the initiatives of accelerating the development of the system and capacity for the rule of law in foreign affairs, improving mechanisms for international commercial mediation, arbitration, and litigation… as well as deepening its development as an international legal and dispute resolution services centre,” he said.
“The HKSAR is the only common law jurisdiction in the country. Hong Kong’s commercial and trade laws based on common law are internationally compatible, and well trusted by international businesses or investors.
“The establishment of the HKICC fully demonstrates Hong Kong’s unique advantages under ‘one country, two systems’ of enjoying strong support of the motherland and being closely connected to the world,” he added.
Lee also said the establishment of the commercial court following the International Organization of Mediation headquartered in Wan Chai will provide global enterprises or investors with diversified and comprehensive options for dispute resolution, under the current complex and volatile geopolitical landscape.
Meanwhile, Secretary for Justice Paul Lam said the court will make significant contributions through its jurisprudence to the development of international commercial law.
He said judges presiding over the cases will also include those with high prestige and experience in such cases from other common law jurisdictions.
Lam added that the court meets the needs and expectations of the country, Hong Kong, and the international business community, and will also bring new opportunities for the legal sector in the SAR.
The court is set to be established within the coming year, with preparatory work already under way.
