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Address by Mr. Rimsky Yuen, GMB, SC, JP at the 1st Seminar of International Commercial Expert Committee the International Commercial Court

From: CICC Rimsky Yuen Updated: 2018-08-26

Address by Mr. Rimsky Yuen, GMB, SC, JP at

the 1st Seminar of International Commercial Expert Committee

the International Commercial Court

the Supreme People’s Court of the People’s Republic of China

on 26 August 2018 (Sunday)

Honourable President of the Supreme People’s Court Mr. Zhou Qiang, Honourable Judges of the Supreme People’s Court, Fellow Members of the International Commercial Expert Committee, Distinguished Guests, Ladies and Gentlemen,

1. May I begin by extending my heartfelt congratulations to the Supreme People’s Court on the establishment of the International Commercial Court (“CICC”) and on the setting up of the International Commercial Expert Committee. May I also express my utmost gratitude for giving me the honour to be a member of the Committee, and for giving me this opportunity to share with you some of my thoughts on the CICC.

2. The combined effects of globalization, regional integration, geo-politics and advance in technology have brought about dramatic changes to the world. One aspect of such changes is the exponential growth of international trade, especially in the Asian region. The Belt and Road Initiative (“BRI”) has the effect of adding, and will continue to add, further impetus to the growth of cross-border commercial activities. These international trends have brought about challenges in the legal and judicial contexts, including questions such as how to build and maintain a rule of law environment which is conducive to the healthy development of international trade.

3. Viewed against this macro background, the setting up of the CICC is a historic milestone as well as an innovative breakthrough in the judicial history of China. Not only can the CICC protect the lawful rights of the international business community by enforcing bargains and thereby promote global economic development, the CICC can also act as an inter-active bridge between China and the international judicial community (including, but certainly not limited to, the international commercial courts in other jurisdictions). For the purpose of today, I would like to highlight three points.

4. First, whilst being a court within the judicial hierarchy of China, the CICC provides additional options to the international business community. Apart from being a court specializing in adjudicating international commercial disputes, the CICC and the regime created pursuant to the “Provisions of the Supreme People’s Court on Several Issues regarding the Establishment of the International Commercial Court” (adopted on 25 June 2018) (“CICC Provisions”) provides a one-stop dispute resolution platform through which parties to international commercial disputes can opt for court adjudication, arbitration or mediation according to their own needs and preferences.

5. Over the years, arbitration and mediation have gained popularity among the commercial circle and, if I may say, for good reasons. However, commercial courts are not, and should not be regarded as, competing rivals of arbitration or mediation. Instead, they are complementary modes of dispute resolution since different cases at different stages call for different modes of dispute resolution. The one-stop dispute resolution mechanism set up under the aegis of the CICC, together with the supporting provisions concerning preservation of property and enforcement of mediated settlement agreement, is undoubtedly one of the attractive features of the CICC. In this regard, you may recall that Mr. Justice Robert Goff, a leading English commercial judge, once observed that the role of a commercial court is to “oil the wheels of commerce”^[1]. I believe the one-stop dispute resolution mechanism set up under the CICC Provisions will “oil the wheels of commerce” by facilitating international trade.

6. Second, the establishment of the CICC also has positive implications for the implementation of the BRI. One of the core features of the BRI is “connection”. However, connection cannot be built in a vacuum. In particular, sustainable economic connection between jurisdictions along the Belt and Road routes cannot be maintained solely by physical infrastructure, but requires the support of international legal infrastructure^[2]. Another core feature of the BRI is the emphasis of rule of law, including the provision of a sound legal environment and appropriate dispute resolution mechanisms which suit the needs of the Belt and Road projects, as recently emphasized in the “Statement of the Co-Chairs of the Forum on the Belt and Road Legal Cooperation” made on 3 July 2018^[3]. Whilst a lot more remain to be done as the task is a daunting one, the establishment of the CICC is a big step forward in the attainment of these objectives.

7. Third, the setting up of the International Commercial Expert Committee is yet another unique feature of the CICC. As I understand, this is the first time a committee of such nature is set up in the legal history of China. The role of the International Commercial Expert Committee is mainly set out in Article 8, 11 and 13 of the Provisions concerning the establishment of the CICC which I have alluded to earlier. As a member of the Committee, I look forward to working closely with the CICC and the Supreme People’s Court as a whole.

8. To successfully achieve its objectives, any international commercial court would have to gain the trust and confidence of the court-users as well as to be responsive to the changing needs of the international business community. Not only do members of the International Commercial Expert Committee come from different jurisdictions, they have diverse backgrounds and with different expertise. I believe such diversity would be of great assistance in the operation of the International Commercial Expert Committee, as we can provide observations and offer suggestions from different angles. To conclude, I am confident that each of us as members of the International Commercial Expert Committee would do our utmost to assist in the work of the CICC.

9. On this note, it remains for me to again express my gratitude to the Supreme People’s Court and also to wish the CICC every success in its future operation.

Thank You!

^[1] See: Robert Goff, “Commercial Contracts and the Commercial Court” [1984] LMCLQ 382 (at 382), where his Lordship stated that judges “are there to help businessmen, not to hinder them: we are there to give effect to their transactions, not frustrate them: we are there to oil the wheels of commerce, not to put a spanner in the works, or even grit in the oil”.

^[2]The need for international legal infrastructure is particularly obvious when one considers, among others, two factors. First, the large number of jurisdictions along the Belt and Road routes have very different legal systems. Not only do they have different legal cultures, they are at different stages of developing their dispute resolution system. Second, unlike some other forms of economic partnership (e.g. TPP), jurisdictions in support of the BRI are not required to sign any over-arching agreement or convention containing a tailor-made dispute resolution regime.

^[3]This Statement was made at the conclusion of the Forum on the Belt and Road Legal Cooperation, jointly organized by the Ministry of Foreign Affairs and China Law Society in Beijing (from 2 to 3 July 2018).