The Hong Kong International Arbitration Centre (HKIAC) recently entered into a co-operation agreement with the Arbitration Centre at the Institute of Modern Arbitration (IMA), a Russian arbitral institution approved by the Russian government to administer arbitrations in Russia.
The agreement was signed by Matthew Gearing QC, chairperson of the HKIAC, and Yury Pilipenko, president of the board of the IMA, in Hong Kong.
“The agreement provides an express framework under which the two institutions will work together to develop and promote international arbitration and other dispute resolution mechanisms through various forms of collaboration,” said Gearing.
Along with Russia’s growing commercial activity in Asia, the HKIAC had emerged as a viable option for Russian companies to settle disputes, said Elena Borisenko, deputy chairperson of the management board at Gazprombank, a state-owned Russian bank. “HKIAC has developed a neutral, sophisticated, efficient and cost-effective arbitration system that is highly attractive to Russian businesses,” she said.
In response to the Russian market’s growing interest in HKIAC arbitration, the HKIAC has expanded its panel to include 30 Russian-speaking arbitrators. The HKIAC is in the process of developing a new set of administered arbitration rules, with features intended to bring a new level of arbitration experience to users in Russia and elsewhere.