New Guangxi FTZ arbitration bodies set to boost business

The China International Economic and Trade Arbitration Commission and the China Maritime Arbitration Commission recently announced they would establish offices in the China (Guangxi) Pilot Free Trade Zone, local officials said on Dec 25.

The first body, also known as CIETAC, is the first international arbitration institution to settle in Guangxi.

Officials said it is scheduled to visit major companies and export-oriented companies in the region to offer customized services and training sessions. 

It will also push forward the establishment of business matchmaking and mediation work mechanisms for foreign-related disputes and put in place a top team of arbitrators in Guangxi.

The first commercial arbitration institution to set up in China, CIETAC now has eight branches, seven arbitration centers and 30 offices around the world, that play an important role in global arbitration.

It handled a total of 3,333 cases in 2019 with an overall value of more than 120 billion yuan ($18.37 billion), placing it at the fore front of international arbitration institutions.

Meanwhile, the Guangxi office of the martime arbitration body, known for short as the CMAC, is the first office of its kind set up in China's FTZs.

Officials said the office is expected to fully leverage CMAC's advantages in dealing with disputes in global maritime business and logistics. 

They said the two offices will provide high-quality and efficient services for the Guangxi FTZ while building an internationalized, market-oriented and legal business environment.