Most Popular  
 
 
 
"B & R" Int’l Arbitration Tribunal for Wenzhou Merchants Founded
【Fonts: Large Medium Small 【Source: Wenzhou·China 【Date: 2019.11.09】

On the morning of November 4th, the "Belt and Road" (“B & R”) International Arbitration Tribunal for Wenzhou Merchants was formally founded in World Wenzhounese Home. This is the first professional arbitration tribunal in China which mainly serves local commercial groups. It will cooperate with Wenzhou Arbitration Platform, a smart phone application, to safeguard the legitimate rights and interests of Wenzhou merchants abroad.

There are 680,000 overseas Wenzhounese living abroad, of which about 380,000 are engaged in business in 57 countries along the "B & R", with 18 overseas commodity wholesale markets and 261 overseas marketing agencies located in these countries. Quite a few Wenzhou Merchants often encountered various investment and trade disputes in overseas investment because they are not familiar with local laws and regulations or regional protectionism.

How to better protect the legitimate rights and interests of Wenzhou Merchants on aboard? The "B & R" International Arbitration Tribunal for Wenzhou Merchants, co-founded and initiated by Wenzhou City Bureau of Justice, Wenzhou Arbitration Commission, Wenzhou University and the Law Branch of Wenzhou World-wide Wenzhounese Friendship Union, will give full play to the advantages of the arbitration system and provide professional legal services for Wenzhou merchants to integrate into the "B & R Initiative".

Arbitration is an important means often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. Compared with litigation, it is characterized by no restriction on subjects and region, jurisdiction without level limit, flexible procedure and can be final and binding. According to the New York Convention, China's arbitration award can be recognized and implemented in 159 countries and regions around the world, and it has extensive international executive power.

After the founding of the the "B & R" International Arbitration Tribunal for Wenzhou Merchants, it will give full play to the advantages of flexible and simple process and save the time, energy the parties needed to protect the right. Last year, Wenzhou Arbitration Commission took the initiate to launch "Wenzhou Arbitration Platform" which provides a more convenient mobile arbitration platform for the international arbitration. Since then, Wenzhou merchants abroad can enjoy efficient and convenient arbitration legal services with their mobile phones at every corner of the world.

The International Arbitration Tribunal for Wenzhou Merchants on trial, with Wenzhou Arbitration Platform, recently has solved some international cases, and realized the video session when each party is simultaneously online. English is employed as working language for the arbitration. The applicants are Wenzhou merchants, while the respondents are importers from the United States, Ghana and other countries. Last year, Wenzhou Wanmai Trading Co., Ltd. had a trade dispute with its Ghanaian customers. After more than one-year negotiation, the two sides cannot reach an agreement until the beginning of October 2019 when Wenzhou Wanmai Trading Co., Ltd. sought help from Wenzhou Arbitration Committee and applied for arbitration through the "Wenzhou Arbitration Platform". Subsequently, the arbitration committee, Ghanaian customers and Mr.Weng the legal person of the company, conducted friendly consultations through the platform, and finally reached a consensus of mediation under the arbitration tribunal. Mr.Weng told reporters that 8000 dollars debts of Ghana's customers was about to be paid into his account.

At the founding conference, many experts praised that the tribunal will effectively help Wenzhou create a new-era "two health" leading areas, and serve as a positive impetus for Wenzhou's economic integration into the "B & R Initiative" as well as the construction of a "bring in’’ and “go global" open economic system.

Hu Rongen, executive director of the Law Branch of the Wenzhou World-wide Wenzhounese Friendship Union, believes that the founding of the tribunal will vigorously promote the legal governance and internationalization of Wenzhou's business environment, and create a new platform for open cooperation.

Print Close
Produced By 大汉网络 大汉版通发布系统