We are pleased to sign a Memorandum of Understanding with Benchmark Chambers International and Benchmark International Mediation Center (BCI & BIMC) to support cross-border trade and commerce within the Greater Bay Area.
Under the MOU, SIMC and BCI & BIMC will collaborate on areas such as joint case management. This will allow commercial disputes to be resolved efficiently through mediation, thereby protecting the viability of cross-border projects, and allowing parties to preserve relationships and enjoy new growth opportunities. Both SIMC and BCI & BIMC will also commit to promoting mediation through training, seminars and exchange of thought leadership.
The partnership was inked virtually by SIMC Chairman Mr George Lim SC and in-person by Dr Xiao Jingyi, Executive President of BCI & BIMC this morning at the 3rd Guangdong-Hong Kong-Macao Greater Bay Area Judiciary Construction Symposium in the presence of officials from the Ministry of Justice of the People’s Republic of China, Department of Justice of Guangdong, Bureau of Justice of Shenzhen, Shenzhen Intermediate People’s Court, Bureau of Justice of Nanshan District of Shenzhen.
The MOU signing is also significant as 2020 commemorates 30 years of diplomatic relations between Singapore and China.
The Greater Bay Area, which includes Hong Kong, Macau and nine provincial cities, is planned as a mega hub for transport, manufacturing and R&D. This would open up investment opportunities from around the world, including Singapore. Although the GBA occupies under one per cent of China’s land mass, it accounts for 12 per cent of China’s GDP. It is expected to account for the next trajectory of China’s growth: In comparison to the world’s major bay areas, the GBA saw a GDP growth of 4.4% in 2019, just behind San Francisco Bay Area (6.8%).
With increased investments in the GBA, disagreements are inevitable. Under these circumstances, the MOU between SIMC and BCI & BIMC will provide a framework that allows businesses to address their disputes effectively before it escalates, thereby facilitating trade and commerce in the region.
We look forward to a fruitful partnership in the coming year!
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