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Benefits
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declared
that the Convention will only be
applied
to
other
Contracting Parties
(reference including
text of declaration at
Annex D).
8.
The
New York Convention is the most important
international treaty relating to international commercial
arbitration.
It may be regarded as one of the factors
responsible for the rapid development of arbitration as a
means of
decades.
resolving
international trade disputes in recent
It is of great importance to Hong Kong because
(1) Hong Kong is a major international centre of
commerce.
Those who conduct business here
need the assurance that if they resort to
arbitration
their agreements and awards
can be internationally recognised.
(2)
Hong Kong has recently established
the
International Arbitration Centre. There has
been increasing recognition, not only by
Chinese trading organisations and those
involved in trade with China, but also by
those involved in trade and other commercial
business through Hong Kong that Hong Kong is
an ideal venue for international commercial
CONFIDENTIAL