Dubai International Financial Centre (DIFC) Courts and the Hong Kong High Court sign Memorandum of Guidance (MoG) to enhance enforcement of cross-border judgements.
The MoG will serve as technical guide for the international legal and business communities on recognition and collection of money judgements in DIFC and Hong Kong.
It was signed between Michael Hwang, Chief Justice at DIFC Courts, and the Justice Andrew Cheung of the Hong Kong High Court.
“This year the UAE and China have entered into a new phase of cooperation. Our new alliance with the Hong Kong High Court will not only provide guidance to parties with commercial claims before our two courts, but will also result in greater trade security for Chinese and international businesses and investors, securing participation in Hong Kong and mainland China’s growth,” Hwang said in a statement on Sunday.
The DIFC Courts’ visit to mainland China and Hong Kong follow memoranda signed with the Shanghai High People’s Court in 2016 and with the Hangzhou Arbitration Commission in 2017.
Last year, trade between the UAE and Hong Kong alone totalled $10.87 billion (Dh39.92 billion), up from $10.59 billion in 2016. This figure is expected to rise further as Hong Kong consolidates its position as a leading commercial hub supporting the $5 trillion Belt and Road Initiative (BRI).
The expansion in trade and investment between UAE, Hong Kong and mainland China means that disputes become increasingly inevitable, making the role of international commercial courts more important than ever before.
Bilateral trade between the UAE and China is forecast to grow to $70 billion by 2020.