The Brazil-China Chamber of Commerce and Industry (CCIBC) this week inaugurated the first mediation and arbitration chamber involving the two countries, intended to increase legal certainty in any disputes between Brazilian and Chinese investors and business people, the Brazilian press reported.
The mediation and arbitration court will operate in partnership with the main Chinese national chamber, the International China International Economic and Trade Arbitration Commission (Cietac), and will specifically address Brazil-China contracts, said CCIBC president, economist Charles Tang.
Tang said that the partnership is important to ensure greater security and comfort during the resolution of each conflict, “a neutral chamber composed of Chinese and Brazilian arbitrators to understand the needs of the parties and give greater confidence during a mediation.”
The president of the CCIBC recalled that Brazil is China’s main trading partner in Latin America and the world and that in 2017 alone, according to Chamber figures, Chinese entrepreneurs announced they intend to invest more than US$20 billion to buy Brazilian assets.
Cietac’s deputy secretary general, Li Hu, attending the opening ceremony of the mediation and arbitration chamber said that the specificities of the Brazilian legal system will not be an obstacle to the commercial relationship between the two countries, “since the arbitration is well-established, receiving more than 2,000 cases per year, involving about 60 countries.”
Arbitration has the benefit of being fast and confidential, compared to the normal legal system, with usually high waiting times. (macauhub)