Dubai, Hong Kong courts join forces for mutual trade guidance

Source: Xinhua| 2018-08-13 01:55:25|Editor: yan
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DUBAI, Aug. 12 (Xinhua) -- Dubai International Financial Centre (DIFC) Courts signed here on Sunday a Memorandum of Guidance with the High Court of China's Hong Kong Special Administrative Region (Hong Kong High Court), DIFC Courts said on Sunday.

DIFC Courts, the independent courts of the Middle East's biggest financial free zone, said the memorandum was "devised as a practical mechanism to foster investor confidence and legal certainty."

The memorandum will also "serve as a technical guide for the international legal and business communities on recognition and collection of money judgments in DIFC and Hong Kong," added the courts.

Last year, trade between the UAE and Hong Kong valued 10.87 billion U.S. dollars, up from 10.59 billion dollars in 2016, said the courts in a statement.

This figure is expected to rise further as Hong Kong consolidates its position as a leading commercial hub supporting China's Belt and Road Initiative.

The initiative, launched in 2013, aims to build trade and infrastructure networks connecting Asia with Europe and Africa on and beyond the ancient Silk Road routes. It comprises the Silk Road Economic Belt and the 21st-Century Maritime Silk Road.

The expansion in trade and investment between UAE and China "means that disputes become increasingly inevitable, making the role of international commercial courts more important than ever before," said DIFC Courts.

The memorandum comes at a time when UAE-China relations are at an all-time high, following Chinese President Xi Jinping's state visit to the UAE in July.

According to Economy Ministry of UAE, the non-oil trade volume was 53.3 billion U.S. dollars between UAE and China in 2017.