Benefits
CONFIDENTIAL
5
declared that the Convention will only be
to other Contracting Parties
applied
(reference
including
Annex D).
text of declaration at
8.
international
The New York Convention. is the most important
treaty relating to international commercial
It may be regarded as one of the factors
arbitration.
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
(2)
commerce.
Those who conduct business here
need the assurance that if they resort to
arbitration
their agreements and awards
can be internationally recognised.
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
involved in trade and other commercial
business through Hong Kong that Hong Kong is
an ideal venue for international commercial
those
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