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Belt And Road Weekly Investor Intelligence, #18
Belt And Road Weekly Investor Intelligence, #18 March 2, 2021 Posted by China Briefing Reading Time: 3 minutes
Tuesday, March 2, 2021
Welcome to this week’s issue of China Briefing’s Belt & Road Initiative Weekly Investor Intelligence round up.
China’s Belt & Road Initiative now includes 140 countries. We examine the various free trade agreements China has in place covering these as well as what is coming down the pipeline. We examine risk management and audit along the routes, and the various protocols and IT developments required to handle these new complexities, examine the new role Hong Kong has in BRI arbitration, and look at how Russian businesses can take advantage of the Chinese consumer market – which is just next door even though Moscow is far away.
In November last year, China’s Supreme People’s Court and the Hong Kong Government signed the Supplemental Arrangement Concerning the Mutual Enforcement of Arbitral Awards between the Mainland and Hong Kong SAR. The agreement is widely expected to enhance the enforcement process and serve as an expansion of the 2000 Arrangement Concerning Mutual Enforcement of Arbitral Awards between the Mainland and the HKSAR.
For law firms in the region, the Supplemental Arrangement has been welcomed as a compelling development, and one that the market has been waiting for. The Supplemental Arrangement serves as a refinement of the existing Arrangement Concerning Mutual Enforcement of Arbitral Awards between the Mainland and the HKSAR, while functioning with fewer grey areas, say lawyers.
capital Newspaper
By Yehualashet Tamiru
Ethiopia has recently ratified the New York Convention on Recognition and Enforcement of foreign arbitral awards (commonly known as the New York Convention). Ethiopia has formally acceded to the Convention and as of November 22, 2020, the Convention becomes fully implemented. In the ratification Proclamation, Proclamation No. 1184/2020, Ethiopia has made two declarations and one reservation.
The ratification proclamation made two reservations: reciprocity and commercial reservations.
Reciprocity is one of the reservations recognized under the New York Convention. According to Article 1(3) of the Convention, Contracting States may declare that they will apply the Convention to the recognition and enforcement of awards made only in the territory of another Contracting State. This principle of reciprocity can protect the nationals of the Contracting State where the enforcement of a foreign judgment is sought, against the bias of