BEIJING, April 16 (Xinhua) -- The International Commercial Dispute Prevention and Settlement Organization (ICDPASO) has inaugurated its new global headquarters in Beijing, marking a milestone in its expansion as a key player in resolving cross-border commercial disputes.
Established in October 2020 under the initiative of the China Council for the Promotion of International Trade (CCPIT), the ICDPASO is the first non-governmental international body integrating dispute prevention and settlement services for international commercial entities.
At a high-level dialogue coinciding with the launch on Tuesday, CCPIT Chairman Ren Hongbin emphasized the organization's growing relevance amid rising unilateralism, protectionism, and uncertainties in global commerce.
The ICDPASO's focus on dialogue and mediation has effectively aided businesses in resolving disputes while fostering international cooperation, said Huang Wei, vice director of the Legislative Affairs Commission of the National People's Congress Standing Committee, highlighting its contributions to trade facilitation.
Jointly founded by the China Chamber of International Commerce and industrial, commercial and legal service institutions from more than 40 countries and regions, the ICDPASO currently boasts 51 member institutions involving over 100 countries and regions, with its case resolution volume increasing by about 60 percent annually since inception.
It has also issued guidelines for commercial mediation, arbitration, and investment dispute practices.
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