HONG KONG – Hong Kong was ranked third globally in terms of the “most preferred seat for arbitration”, according to the 2021 International Arbitration Survey released by Queen Mary University of London on Friday.

London topped this year's list, followed by Singapore. Paris and Geneva rounded out the top five.

The city’s Department of Justice welcomed the result and said Hong Kong's strength in dispute resolution is premised on its infrastructure, business opportunities and pool of talents.

The Department of Justice noted that the unique advantage under "one country, two systems" allows Hong Kong to enter into the game-changing interim measures arrangement with the mainland which took effect in 2019

"Our Judiciary is independent and impartial while our common law system provides a degree of certainty and predictability for investors and the international business community,” said Secretary for Justice Teresa Cheng Yeuk-wah.

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The department noted that the unique advantage under "one country, two systems" allows Hong Kong to enter into the game-changing interim measures arrangement with the mainland which took effect in 2019.

Hong Kong is the only jurisdiction outside the mainland where parties to arbitral proceedings would be able to apply to the mainland courts for such interim measures.

The availability and enforceability of interim measures plays an important role in choosing the seat for arbitration, the department said.

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Hong Kong has a pool of experienced professionals with international perspectives not just in legal and dispute resolution services but also in areas such as financial services, accounting, engineering, shipping and information technology, the department added.

"The result of the 2021 International Arbitration Survey is a recognition of our long-standing and unwavering commitment to the promotion of arbitral services," Cheng said, adding that Hong Kong should not be complacent about its existing competitive edge.

"We endeavour to explore new initiatives with a view to consolidating Hong Kong's status as an international legal hub for legal, deal-making and dispute resolution services."