On May 27, during Ren Hongbin’s visit to Republic of Korea with the Chinese entrepreneurs’ delegation, Li Hu, Vice Chairman of China Maritime Arbitration Commission (CMAC), and Son Yong-geun, President of the Korean Arbitrators Association (KAA) signed a cooperation agreement in Seoul on behalf of their respective organizations.

This is another cooperation achievement reached in Northeast Asia after the establishment of cooperation between CMAC and the Maritime Arbitration Commission of the Chamber of Commerce and Industry of the Russian Federation.

The signing of this cooperation agreement signifies that the cooperation between CMAC and the KAA has entered a new stage. The two parties will take this cooperation as an opportunity to further strengthen collaboration and exchanges in the field of maritime commercial arbitration, making positive contributions to the development of international arbitration.

In recent years, China and Republic of Korea have been participating in global maritime economic governance with unprecedented openness, injecting strong momentum into the recovery of the world maritime economy. The two countries are both competitors and complementary partners in the maritime field. Against the backdrop of the maritime market shifting to Asia, the number, scale, and complexity of related disputes are increasing; the demand for arbitration, mediation, and other dispute resolution services is also rising. Arbitration services play an increasingly important role in resolving maritime disputes and optimizing the regional business environment. The signing of this agreement will help the two sides conduct more extensive and in-depth cooperation in promoting the arbitration system, sharing arbitrator resources, co-hosting seminars, conducting joint project research, and publicizing arbitration research results.