By Sarah Townsend
Cooperation agreement intended to support trade ties between the UAE, China
DIFC Courts entered into a cooperation agreement with the Shanghai High People’s Court this week, intended to support deepening trade ties between the UAE and China.
The Shanghai High People’s Court is the largest business court in the financial centre of Shanghai.
Under the new partnership, it will work with DIFC (Dubai International Financial Centre) Courts on “shared strategic objectives”, the two bodies said in a statement on Thursday, and work towards building a platform for future exchanges of judicial cases.
The partnership is intended to reinforce commercial links between Dubai and Shanghai, and provide greater legal continuity for them to trade securely.
Annual trade between the UAE and China is estimated to be worth in excess of $55 billion annually, DIFC Courts said, while more than 4,200 Chinese companies are operating in the UAE at present.
The agreement was signed by the respective heads of the two courts, DIFC Courts Chief Justice Michael Hwang and Shanghai court vice-president Sheng Yongqiang, ahead of Dubai Week in China next week.
Hwang said: “Given the strength of trade ties between the UAE and China, we have made forging links with our counterparts in the world’s second largest economy a strategic priority in recent years, particularly given Dubai’s position as an important node for China’s ‘One Belt One Road’ initiative.
“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.”
DIFC Courts also announced the publication of a guide for law firms on the enforcement of monetary judgments in China and Dubai, produced in partnership with lawyers at King & Wood Mallesons.