Belt and Road Initiative-Opportunities and Challenges for International Dispute Resolution
THAC was pleased to receive the visit of Prof. Dr. Brödermann to the center, a renowned arbitrator as well as the Managing Director of Chinese European Arbitration Centre (“CEAC”) based in Hamburg to exchange views and ideas about the latest developments of the practice of international arbitration, especially in the context of Belt and Road Initiative (“BRI”).He also gave a lecture about the challenges and opportunities for international dispute resolution led by the BRI and the advantages of using UNIDROIT Principles of International Commercial Contracts (www.unilex.info) for cross-border transactions along the modern Silk Road.
The UNIDROIT Principles developed over the course of 25 years, the restatement of the global contract law contained therein offers a smart solution for contracts withChinese parties. The Chinese contract law, as last amended with effect as of 1 October 2017, is inspired by the UNIDROIT Principles and based on a similar responsibility division by spheres rather than fault. The choice of the UNIDROIT Principles can be best combined with an arbitration clause. In this respect Prof. Dr. Brödermann supported a choice of a civil law arbitration as available at the THAC because the Chinese Arbitration and Procedural Law is based on a civil law understanding. This gives the THAC considerable competitive advantage for contracts which relate to China. In Europe, the CEAC offers a similar advantage. If the civil law arbitration institutions unite their forces, they can offer a comprehensive solution to China BRI’s projects.