Recently, Lv Zhenbao, the signing representative of the World Arbitration Centre (“WAC”), and Wang Huiming, the signing representative of Yunnan Pilot Free Trade Zone Zhongtiao Legal Consulting Service Co., Ltd. (“YZCO”), signed a strategic cooperation agreement on international arbitration under which the two parties will cooperate closely in the field of international arbitration and provide the arbitration users at home and abroad with convenient and high quality legal services in resolving disputes through arbitration.
The WAC is a permanent international commercial arbitration institution established in accordance with the laws of the Hong Kong Special Administrative Region of China, independent of the government and other public authorities. It aims at providing an independent, impartial and professional platform for arbitration users worldwide to resolve contractual or non-contractual commercial disputes fairly, expeditiously, economically and thoroughly by means of arbitration.
YZCO was established in the Kunming Area of the China (Yunnan) Pilot Free Trade Zone (“FTZ Kunming Area”). Focusing on the strategic deployment of the FTZ Kunming Area, YZCO is committed to providing a wide range of cooperation and support services with domestic and foreign arbitration institutions to continuously promote international arbitration exchanges and cooperation, and striving to provide assistance for the construction of the FTZ Kunming Area as a venue of hearing and the hub for international commercial dispute resolution in southern China.
According to the strategic cooperation agreement, the two parties will cooperate in a long run to carry out international arbitration hearing services, international arbitration exchanges and cooperation, publicity and promotion, consultation, training of talents in foreign-related legal matters and other related supporting services and academic activities. The services provided by YZCO will include but not limited to making available of venue and meeting rooms for arbitration hearings and other administrative assistance to the WAC.
With the help of the respective advantages and strengths of both parties, as well as the relevant preferential policies of the Kunming Free Trade Zone, the two parties are expected to achieve complementary advantages, win-win cooperation, and the cooperation results will benefit arbitration users around the world.