China Matters' Feature: Why Maritime Arbitration Is Increasingly Needed?

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Mar 18, 2024, 09:01 ET

BEIJING, March 18, 2024 /PRNewswire/ -- According to the Review of Maritime Transport 2021 by the UN, nearly 90% of international trade in goods is carried by sea. Contributing 13.5% of the world's total trade volume, China has become the largest ship-owning country.

With emerging spotlighted disputes happening on the sea, the maritime arbitration industry is gaining increasing significance along with the development of maritime transportation services.

Why Maritime Arbitration Is Increasingly Needed?

China Maritime Arbitration Commission (CMAC), founded in 1959 within the China Council for the Promotion of International Trade, is an international arbitration institution that settles disputes pertaining to admiralty, maritime, transport, logistics-related and other commercial issues agreed by parties. From its inception to the present, CMAC continues to carry hope and glory and has progressively advanced to the next level in accord with the nation's development.

Headquartered in Beijing and Shanghai, CMAC has set up branches and offices in key land ports across China including Hong Kong. Decades of arbitration practice has fostered an elite rank of arbitrators with diverse professional fields hailing from 36 different nations and regions.

In this video, China Matters follows the long march of CMAC since its founding, and looks into the continuous efforts undertaken before CMAC officially became an observer of the UN Commission On International Trade Law in May 2023. It will also be revealed how much it has contributed to the long-term advancement of commercial and maritime arbitration at home and abroad.

What has made CMAC a reputable global arbitration organization? What action will CMAC take next to fulfill its admirable goal of pushing ahead with the maritime arbitration in China? Learn more, please visit here.

YouTube Link: https://youtu.be/9ekFggwxkaE

SOURCE China Matters