Arbitration Institutions from the Belt & Road Countries jointly declared on Thursday in Beijing, that they would work on forming an arbitration mechanism under the Belt & Road Initiative and promote the worldwide application of resolutions on a variety of disputes.

A total of 42 arbitration institutions from China and abroad including American Arbitration Association, German Institution of Arbitration, Singapore International Arbitration Centre, China’s Hong Kong International Arbitration Center and China International Economic and Trade Arbitration Commission joined the declaration at the Belt & Road Arbitration Institutions Roundtable Forum that kicked off the same day.

Arbitration Institutions agreed that all related institutions should go with the trend of regional and global cooperation as international arbitration is generally acknowledged as a major fair way of solving trade disputes and plays an irreplaceable role in the development of the Belt & Road framework.

“We welcome more international arbitration institutions to join the signing of the joint declaration in Beijing, to push forward the field’s development from localisation, regionalisation to globalisation through broader and more powerful multilateral cooperation,” said Wang Chengjie, Deputy Director and Secretary General of the China International Economic and Trade Arbitration Commission.

An official from China’s National Development and Reform Commission (NDRC) said the Belt & Road Initiative has produced fruitful results in the past six years, including the contribution to the total volume of trade in goods between China and Belt & Road countries, which is six trillion U.S. dollars, an average annual growth of four percent, and the country’s direct investment to these countries of over 90 billion U.S. dollars, an average annual increase of 5.2 percent.

“So far China has signed bilateral investment agreements with over 50 countries along the Belt & Road. China has also signed cooperation deals on production capacity and established bilateral investment and cooperation mechanisms with these countries,” said Su Wei, Deputy Secretary General of the NDRC.

Lu Pengqi, Deputy Director of the China Council for Promotion of International Trade, said the internationally popular way of arbitration differs from country to country along the Belt & Road, which are mostly emerging economies and developing countries with various concepts, laws and regulations.

“We hope international arbitration institutions can promote the building of a community of arbitration laws under the Belt & Road Initiative by upholding the concepts of opening, sharing and serving, and facilitate the worldwide application of resolutions on a variety of disputes,” he said.

Lu Pengqi said that in the first 10 months this year, the China Council for Promotion of International Trade handled cases worth 100 billion yuan (around 14 billion U.S. dollars), more than the sum total last year, with the number of cases increasing by 20 percent.

“It is a fact that China has kept in pace with advanced international arbitration practice to pursue reform and innovations, and China has also contributed references, wisdom and strength to the reform and progress of international arbitration,” said Lu.

In this case, Luo Dongchuan, Vice President of the Supreme People’s Court, said China will advance its arbitration system reform and make efforts in building an arbitration friendly judicial environment.

“In its building of pilot free trade zones, China has been trying to reduce restrictions on arbitration institutions from abroad when they carry out arbitration business in China,” said Luo.