The Hong Kong International Arbitration Centre (HKIAC), the premier dispute resolution services provider in Hong Kong, entered into a Memorandum of Understanding (Mou) with the Sri Lanka National Arbitration Centre (SLNAC), thereby paving the way for a closer collaboration between the parties in facilitating and promoting alternative dispute resolution processes in the region.
The MoU was entered into on 21 October, coinciding with the start of the highly successful Hong Kong International Arbitration Week organised by the HKIAC with over a 1,000 registrations from 36 jurisdictions featuring over 170 speakers.
SLNAC Board Chairman Hiran de Alwis and HKIAC Secretary General Joanne Lau signed the MoU on behalf of the two organisations at the HKIAC offices.
At the discussion that followed, the representatives of the HKIAC and SLNAC focused on international opportunities, cross border trade, and the long-standing trade relations between the countries. Opportunities for enhancing the rule of law, contract law, and arbitration based on the UNCITRAL Model Law was discussed and the respective experiences of the parties in promoting training and facilitating dispute resolution processes were shared.
SLNAC Chairman de Alwis participated in the conference that followed, which was attended by many recognised arbitrators and professionals in various fields. Conference topics ranged from discussions on the impact of AI, to green initiatives and proactive measures to encourage inclusivity and diversity in the field of arbitration.
The closer ties created by this MoU between the SLNAC and HKIAC comes in the wake of the Hong Kong Trade Development Council and the Export Development Board of Sri Lanka coming together with the aim of strengthening trade and economic relations between the two countries and facilitating opportunities to explore new markets, connect with global partners, and expand their reach.
The MoU also marked a new chapter of cooperation and collaboration between the HKIAC and SLNAC. The SLNAC stands as a pioneer institute in the administration of arbitration of Sri Lanka. The MoU will further enhance shared commitments and cooperation between the two organisations.