US via ICC in bid to impose its supremacy over China and BRI’s 69-member cities and countries?
KUALA LUMPUR (April 2018): Consider this scenario: “You have decided to invest into a business venture that is going to cost you millions of dollars.
Then some ass comes and tell you that you can only invest with our approval and what to invest in.”
Will you still invest? Will you comply? Some will also, probably, tell you to go fly kites.
That’s exactly what China and 69 cities and countries that have signed agreements to help develop the Belt Road Initiative (BRI) are facing.
The busy body International Court of Arbitration of the International Chamber of Commerce (ICC Court) has announced the establishment of a commission to address dispute resolution potential in relation to China’s multi-trillion-dollar BRI.
Guess who do you think is likely to be behind the commission? No prizes though for the right guess or answer. It’s no other than the war-waging US which is out to demonise China’s growing economic and military influence.
How China and 69 cities and countries want to invest into the construction of road, rail, port and air links between them is no business of others, especially the US.
China and the 69 cities and nations are only investing into infrastructure facilities to link among themselves to promote trans border trade, business and economics.
There’s nothing cynical about that, is there? Instead, why don’t they set up a commission to check the US’ war waging ways post World War ll?
"ICC Court launches Belt and Road Initiative Commission
News Paris 05/03/2018
The International Court of Arbitration of the International Chamber of Commerce (ICC Court) has announced the establishment of a commission to address dispute resolution potential in relation to China’s Belt and Road Initiative.
Underscoring that ICC’s existing procedures are well-suited to Belt and Road disputes, Mr D’Agostino said:
“There is no ‘one-size-fits-all’ method of resolving Belt and Road disputes. But there is a concerted effort to encourage mediation clauses in Belt and Road agreements, with provision for arbitration if mediation fails. ICC is already a world leading provider of arbitration and mediation services, with tried and tested mechanisms and a strong pool of arbitrators and mediators. It is ideally placed to provide appropriate, effective dispute resolution services to parties all along the New Silk Road.”
The Belt and Road Initiative commission has been established to consider how ICC can best respond to dispute resolution opportunities arising from the Belt and Road initiative, which is estimated to have US$900bn in projects planned or already underway.
“ICC is unique among arbitral institutions in that it has truly international coverage, with secretariats and/or national committees in over 100 jurisdictions,” Mr D’Agostino said. “Many of these lie along the Belt and Road route, giving ICC the regional expertise to resolve the disputes that will inevitably arise from a construction and infrastructure initiative of this scale.”
ICC is planning a series of events over the next year to spotlight its Belt and Road capabilities. Events are planned in diverse locations including China, Kazakhstan, Kyrgyzstan, Nigeria, Southeast Asia, Japan and Hong Kong, with more to come.
“We recognise the importance of engaging key stakeholders within both corporates and governments all along the Belt and Road, to ensure that we are offering the best possible service to parties on all sides,” said Mr Mourre. “Our main objective is to ensure that where disputes arise, they are resolved efficiently and with minimal damage to the parties’ commercial relationships. The Belt and Road is a long-term initiative; many of these relationships will last for decades."