SHANGHAI, 27th October, 2016 (WAM) — The Dubai International Financial Centre Courts (Dubai Courts) and the Shanghai High People’s Court signed an agreement on Thursday to work together to achieve shared strategic objectives, provide the basis for future judicial exchanges and deliver legal excellence.
The DIFC Court is the first foreign commercial court to co-operate closely with the Shanghai High People’s Court, the foremost business court in the commercial and financial centre of mainland China. The agreement is designed to reinforce commercial links between the two countries by bringing certainty to businesses by enabling them to trade securely.
Annual trade between the UAE and China is estimated at US$55 billion, with more than 4,200 Chinese companies currently operating in the UAE. The DIFC has close links with China and home to four of its biggest banks.
“Given the strength of trade ties between the UAE and China, we have forged strategic links with our counterparts in the world’s second largest economy in recent years, particularly given UAE’s position as an important node for China’s ‘One Belt One Road’ initiative. We have now reached the stage where we can formalise these relations and work together to make a significant contribution to the UAE-China relationship in relation to judicial matters,” the DIFC Courts Chief Justice, Michael Hwang, said.
“The DIFC Courts and Shanghai High People’s Court are at the heart of business in our respective countries, with this agreement creating a valuable framework to support the increasing number of companies operating between the UAE and China,” he added.
In its official announcement, the Shanghai High People’s Court noted the “collaboration will act as a stimulus for economic and social development between the two countries.”
The DIFC Courts has published a guide for law firms and business on the mutual recognition and enforcement of monetary judgments in China and UAE. The guide is based on the existing 2004 Judicial Assistance Treaty between the People’s Republic of China and the UAE and each court system’s own laws.