The Asian-African Legal Consultative Organization (AALCO) officially announced the establishment of a regional arbitration centre in Hong Kong at its 59th annual session today, the Department of Justice said.

An unveiling ceremony of the new centre was also held to mark a major milestone in the development and promotion of Hong Kong as an international legal and dispute resolution services hub.

The department noted that regional arbitration centres under the auspices of the AALCO function as international institutions with the objective of promoting international commercial arbitration in the Asian-African regions and providing for the conducting of international arbitrations.

At the event's inaugural session, Premier Li Keqiang announced online that China will set up a regional arbitration centre in Hong Kong with AALCO to provide more accessible and efficient dispute settlement services to Asian and African countries.

He said he is convinced that AALCO will further pool the strength of developing countries and make important contributions to building a better world.

Also addressing the inaugural session via video message, Chief Executive Carrie Lam noted that China has taken a proactive role in integrating the implementation of sustainable development goals with its own national development strategy, promoting rule of law infrastructure across the world and sustainable development through collaboration of countries.

Further to the approval of AALCO's work plan in 2018 in relation to the establishment of another arbitration centre, the organisation's Secretary-General and the government of the People's Republic of China agreed to set up the centre in Hong Kong.

In addition to the five existing regional arbitration centres, the one in Hong Kong will seek to integrate itself in the AALCO dispute settlement system and perform a variety of tasks, including providing facilities for alternative dispute resolution services and assisting in the enforcement of arbitral awards.

It will also promote the growth and effective functioning of arbitration and other dispute resolution services.

The department said that with an abundance of legal and dispute resolution talent as well as a mature and robust legal system and relevant infrastructure, Hong Kong has all the components to bring out the best in the new regional arbitration centre.

As the only inter-governmental legal consultative organisation in the Asian and African region, AALCO has 47 member states comprising almost all the major states from Asia and Africa, serving a forum for its member states to deliberate on international law matters.