Speech by Mr Edwin Tong SC, Minister for Culture, Community and Youth, and Second Minister for Law, at the 6th Shanghai International Arbitration Forum and the Opening Ceremony of Shanghai Arbitration Week 2024

08 NOV 2024

Mr Li Mingzheng
Vice Minister of Justice of the People’s Republic of China

Mr Zhu Zhongming
Deputy Secretary-General of the CPC Shanghai Municipal Committee

Mr David Yu
President of the Shanghai Arbitration Association

Distinguished guests
Ladies and gentlemen

Introduction

  1. A very good afternoon to all of you. I am so very delighted to be able to join you here, to participate in the Shanghai International Arbitration Forum and the Shanghai Arbitration Week. This is my first time here and I am very glad to be here to join you this afternoon.
  1. When President David Yu asked me to consider attending this event when we met earlier this year, I told him that I would be most happy to do so, and very honoured to be here. I readily agreed, because it is important to support our friends in Shanghai, who have been very generous in their friendship with us in Singapore, and also very open in sharing their knowledge and expertise.

Singapore-Shanghai Relations

  1. I also have a strong affinity for Shanghai. Singapore has a number of high-level bilateral platforms with China, and I chair one of them with Mayor Gong Zheng – the Shanghai-Singapore Comprehensive Cooperation Council. Partly because of this role, this is my third official visit to Shanghai this year. I am very delighted to be back here again, to be here with all of you, and also to be able to enjoy Shanghai.

Importance of Globalisation

  1. This event is held at the sidelines of the China International Import Expo (CIIE). The CIIE is the world’s first national-level import expo, which demonstrates China’s firm support for trade liberalisation, as well as economic globalisation.
  1. Like China, Singapore also strongly supports free trade, open markets, as well as economic integration on a global scale. In our view, it brings, not only economic benefits, but also social benefits to our countries.
  1. We are therefore concerned, when reports show that some countries are becoming more inward-looking.
  1. It is therefore all the more important for like-minded countries to work together to reverse this trend of deglobalisation, friend-shoring, or re-shoring.
  1. The CIIE serves as a very good platform, to facilitate global trade, and strengthen economic cooperation. I am very happy that Singapore has more than 40 companies participating at the CIIE this year.

Importance of International Commercial Dispute Resolution in Supporting Global Trade

  1. It is also very appropriate and apt that the organisers have elected to hold the Shanghai International Arbitration Forum and the Shanghai Arbitration Week, in conjunction with the CIIE.
  1. As I have always said, law follows business. Much as we sometimes want to think that we do not like disputes or we do not want disputes to happen, we have to accept that they are part and parcel of commercial trade, especially international ones. It is therefore critical for parties to give careful thought to the forum that they are comfortable with to submit to, in the event of a dispute.

Singapore Dispute Resolution

  1. As a staunch proponent of global trade and commerce, Singapore has looked to build a dispute resolution ecosystem that businesses have confidence in – one that is fair, neutral, and transparent.
  1. We are honoured to have earned the trust of many around the world, including in China and Shanghai, and who have chosen to resolve their cross-border disputes in Singapore. And we are committed to upholding this trust.
  1. Our approach has always been to align ourselves with international standards, so that it reduces uncertainty for businesses, and any decision that comes out from Singapore can be enforced globally, whilst at the same time, we recognise that different parties will have different needs.
  1. For example, to serve Chinese parties better, the Singapore International Arbitration Centre (SIAC) has Chinese nationals on their Board, Court, as well as panel of arbitrators and Secretariat. All of them understand the Chinese legal system, the Chinese way of doing business, and understand better the needs of Chinese parties. SIAC can also do arbitrations in Chinese, if the parties wish, and they also have an office right here in Shanghai, so that parties can reach out to them more effectively.

Collaborations with Shanghai

  1. I think our thinking in Singapore is very similar to that in Shanghai. We both believe in helping businesses resolve their disputes fairly, efficiently, and effectively, so that parties can get on with their business relations. We both believe in collaborating with other countries, to provide comprehensive support. In fact, this is very much also aligned to today’s theme of “Openness, Cooperation, Shared Benefits”.
  1. When I met the Chairman of Shanghai International Arbitration Centre (SHIAC) Mr Zhou Minhao in July this year, he shared with me that he was looking to raise awareness of arbitration and mediation amongst Chinese enterprises. He also welcomed closer collaborations between Singapore and Shanghai. And he thought that perhaps one day, SHIAC could also set up an office in Singapore. I told him that I completely agree with him, and that we welcome SHIAC in Singapore.
  1. As I said in my pre-recorded speech for the opening of Fangda’s Singapore office just a few weeks ago, there are more benefits for all of us to collaboration. While there will undoubtedly be competition, I think this competition can be a healthy competition. It drives all of us to do even better. Built on mutual trust, this can help us lift the standards and improvements in both our jurisdictions. So, whenever SHIAC is ready to expand into Singapore, we will be ready to receive them and find them a space at Maxwell Chambers Suites!
  1. It is also in this spirit, that I am here to support Shanghai Arbitration Week, just like how Shanghai practitioners have consistently supported the Singapore Convention Week.

Conclusion

  1. I heard that that there are now more than 70 arbitration or disputes weeks around the world. So many different weeks like this, with conventions, collaborations, and conferences. The fact that today, here, we see a very healthy attendance, shows that Shanghai is indeed one of the leading centres for dispute resolution in the world today, as you have heard the earlier speakers say. This is a result of many years of hard work, building up rapport, building up trust with the business industry. It is also the collective efforts of the Shanghai government, as well as the legal community right here. So, my congratulations to all of you.
  1. I wish all of you a very good week ahead, not just in discussing trends, discussing latest know-how, but perhaps more importantly, also building relationships between Singapore and Shanghai, and between the different industries that we have, so that all of us can learn from one another and level up.
  1. Once again, thank you very much for the honour of inviting me here to speak to you. I wish all of you a very fruitful conference ahead.
  1. Thank you.

Last updated on 8 November 2024