HONG KONG, May 28 (Xinhua) -- The Judiciary of the Hong Kong Special Administrative Region (HKSAR) announced on Thursday its plan to establish the Hong Kong International Commercial Court (HKICC), a specialist division of the High Court, to adjudicate complex, high-value international and cross-border commercial disputes.
The HKICC complements Hong Kong's existing dispute resolution framework. Together with arbitration and mediation, the HKICC will provide parties engaged in international and cross-border commerce with a comprehensive range of dispute resolution options, said the Judiciary.
It offers the distinct advantages of the judicial process, including transparency, authoritative judicial determinations, a structured appellate process, and the certainty of enforceable judgments, including their recognition and enforcement on the Chinese mainland under the relevant mutual arrangements, it added.
Local judges with substantial experience in commercial law will sit on the HKICC. Eminent senior judges or practitioners from other common law jurisdictions may also be invited to sit on an ad hoc basis in accordance with the existing legal framework.
A dedicated Practice Direction will be issued for the HKICC to prescribe the categories of cases within its jurisdiction and to set out detailed court procedures.
John Lee, chief executive of the HKSAR, said that 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.
It will contribute new and greater strength to the country's high-level opening up, while further promoting the development of international commercial rules, he noted.
The establishment of the HKICC will strengthen Hong Kong's core capabilities and advantages in international litigation, complementing Hong Kong's existing international arbitration and mediation services to provide global enterprises or investors with diversified and comprehensive options for dispute resolution, he said.
This will further enhance the international competitiveness of Hong Kong's legal and dispute resolution services, he added.
Paul Lam, secretary for justice of the HKSAR government, said that the HKICC, leveraging the international background of its judges and efficient litigation procedures, will not only deliver authoritative and convincing rulings for the cases it hears, but also make significant contributions through its jurisprudence to the development of international commercial law.
"This will further consolidate the international reputation and status of Hong Kong's common law system, allowing Hong Kong to better leverage its unique advantages in this regard under the 'one country, two systems,'" Lam said. ■
