China achieved remarkable results in commercial legal cooperation with foreign countries last year, with scores of deals in this regard signed, as part of efforts to improve the business environment, a Chinese Official said on Wednesday.
Lu Pengqi, Vice Chairman of the China Council for the Promotion of International Trade (CCPIT), stressed the importance and urgency of closer international commercial legal cooperation while briefing the attendees on achievements in 2018 at the just concluded 2019 International Commercial and Legal Cooperation Forum in Changsha, capital of central China’s Hunan Province.
“It’s particularly urgent to strengthen legal exchanges, policy communication, and rules coordination with other countries, and help companies better adapt to the changing international legal system and improve their capabilities in preventing and responding to legal risks.
Over the past year, Chinese and foreign legal service agencies have signed more than 60 agreements on commercial laws, and some cooperative projects have been launched,” Lu said at Wednesday’s opening of the forum.
A report on the legal environment and risks in Belt & Road Countries and regions also says that investment laws and regulations differ in these countries, which may arise commercial disputes as international cooperation advances within the framework of the Belt & Road Initiative.
In view of the situation, Lu said it is pressing for the countries along the route to create a fair, sound business environment to protect legal rights and interests of both local and foreign market players, and properly resolve commercial disputes.
The CCPIT will enhance the role of commercial legal service in improving the International Business Environment.
Also at the three day event, a new batch of cooperation deals were inked by the CCPIT’s commercial law centre and their U.S., Russian, Mexican and Indian counterparts on the same day.