The Vancouver Economic Commission’s Asia Pacific Centre is pleased to announce the official opening of the Chinese International Economic and Trade Arbitration Commission (CIETAC) in Vancouver. This centre will serve as the North American headquarters for CIETAC.
The Asia Pacific Center (APC), a department of the Vancouver Economic Commission was established in 2014 with the goal of bridging the gap between business opportunities in the Asia Pacific. With the opening of CIETAC, APC hopes to position Vancouver as an impartial business hub. CIETAC, which was first established in 1956 by the China Council for the Promotion of International Trade, remains today as one of the largest arbitration institutions in the world. In its past 60 years, CIETAC has resolved over 30,000 international and domestic disputes, earning a reputation of impartiality and efficiency; as a result, CIETAC awards have been recognized and enforced by such foreign jurisdictions as the United States, United Kingdom, Germany, Japan and Canada.
Following a year of coordination by the Vancouver Economic Commission’s Asia Pacific Center the launch event at the Four Seasons Hotel Vancouver, culminated in an impressive turnout of over 180 attendees, among whom were the honorable Bruce Ralston (BC Minister of Jobs, Trade and Technology), and Chengjie Wang (Vice Chairman and Secretary General of CIETAC). Hosting the conference, Joan Elangovan, Executive Director of the Asia Pacific Centre, spoke on how the presence of CIETAC in Vancouver would not only increase trade with Asia, but also present Vancouver as a global city where trust can be achieved.
During the four-hour conference, such expert speakers as David Wotherspoon, Partner, Dentons LLP, and Audrey Li, Partner, Zhong Lun Law Firms, presented business cases which gave evidence to the importance of arbitration in trade and commerce. Moreover, a panel discussion led by Wei Shao, Partner, National Leader for China Practice, Dentons LLP, further expanded on the significance of arbitration for Vancouver as it evolves to become a hub for international trade.
In an effort to increase international trade and attract innovative businesses, Vancouver’s success in attracting CIETAC signifies a step towards establishing itself as a fair economy in which trade disputes are resolved through impartial arbitration.