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The delegation from SHIAC was invited to attended the 5th BRICS Legal Forum

 

From August 23 to August 24, 2018, the 5th "BRICS Legal Forum" hosted by the Law Society of South Africa was successfully held in Cape Town, South Africa. Mr. Yao Hongmin, director of the International Business Research Center of the Shanghai International Economic and Trade Arbitration Commission (Shanghai International Arbitration Center, “SHIAC”), was invited to lead a delegation to the forum. More than 100 legal professionals from Brazil, Russia, India, China and South Africa participate attend the conference.

 

The forum has set up four sessions, including “Arbitration, Harmonization and Modernization of international arbitration, law and practice within the member states”,Contracts and Company Law, Contractual clauses that are common in cross border transactions, including Governing Law, Arbitration, Dispute Resolution, Forum and related matters,Financial and Tax Law, Streamlining the Tax TreatyMutual Agreement Procedure between BRICS member states”, and “Functioning of BRICS dispute resolution center”.

Mr.Yao, representing SHIAC, delivered a keynote speech entitled "The Outlook of the BRICS Dispute Resolution Mechanism Development" in the last session. He emphasized the needs and potentialities of arbitration in BRICS as a way of dispute resolution, the realistic foundation of the existing dispute resolution mechanism, and the current practice of SHIAC to provide support for the BRICS Dispute Resolution Shanghai Center. He also advocated the BRICS Professional Committee to continue the top-level design of the legal cooperation among member states, to unify the arbitration rules and the arbitrator appointment mechanism, and to attempt to establish BRICS investment arbitration system, while he offered his suggestions to the next stage of development.

 

The Cape Town Declaration was signed by representatives from the China Law Society, the Brazilian Bar Association, the Bar Association of India, and the Association of Lawyers of Russia, the Law Society of South Africa and the East China University of Political Science and Law. The Cape Town Declaration reflects the expectations of the BRICS legal community on future cooperation and development, particular in the dispute resolution perspective. Though the close cooperation of existing and future dispute resolution centers, all parties adhere to establish a fair, efficient and inclusive dispute resolution mechanism which is applicable to commercial and investment that meets the demands of emerging markets and developing countries around the world.

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