The China Maritime Arbitration Commission's new Maritime Silk Road Arbitration Center was launched during the seventh International Mediation Summit – held in the port city of Xiamen, in China's east Fujian province on March 30-31.
Local CMAC officials attend the launch ceremony for the center. [Photo/WeChat ID: gh_6233022b6145]
The commission, or CMAC, is understood to regard this as a major step towards promoting the construction of the Maritime Silk Road Central Legal District of the Xiamen Free Trade Zone.
The center's mission is to provide arbitration services and establish a regional representative service agency for international businesses.
The Maritime Silk Road Central Legal District FTZ Pilot Zone's functions are expected to be a powerful catalyst for the development of the central legal district. Since its establishment, it has focused on leveraging its location strengths Xiamen being an international port and its cross-border logistics to facilitate an international legal operations platform.
To date, the FTZ pilot zone has attracted a total of over 110 qualified legal agencies as well as industries engaged in finance and in the clothing trade.
Ushering in a new round of development, plans are for the FTZ pilot zone to become a preferred destination for the settlement of international commercial and maritime disputes.