IOMed Multilateral Process Aligns with Belt and Road Principles, Says Teresa Cheng
Thestandard · 1 SOURCES1 day ago2 MIN
Summary
The International Organization for Mediation (IOMed) is advancing a consensus-based multilateral process that directly embodies the foundational principles of the Belt and Road Initiative, Secretary-General Teresa Cheng Yeuk-wah announced on Thursday. Speaking at the Belt and Road Summit held at the Hong Kong Convention and Exhibition Centre, Cheng emphasized that IOMed resolves both intergovernmental and international commercial disputes, offering services to non-member states and their enterprises. The organization's global reach has expanded significantly, with signatories growing from 37 to 47 countries and contracting states increasing to 16, all active Belt and Road participants.
Key Points
- Teresa Cheng Yeuk-wah, Secretary-General of IOMed, addressed the Belt and Road Summit at the Hong Kong Convention and Exhibition Centre on September 10
- IOMed embodies the principle of extensive consultation and joint contribution for shared benefit as core Belt and Road values
- Signatories expanded from 37 to 47 countries; contracting states grew to 16, all Belt and Road Initiative participants
- IOMed resolves both intergovernmental and international commercial disputes, serving non-member states and enterprises
- Mediation operates voluntarily, offering efficient and cost-effective mechanisms where parties control procedures and outcomes
Why It Matters
As Belt and Road commercial, trade, and financial cooperation deepens, contractual disputes inevitably increase. IOMed's voluntary mediation framework provides an efficient, cost-effective alternative to traditional dispute resolution, positioning Hong Kong as a key hub for international commercial mediation under the Belt and Road Initiative .
As Belt and Road commercial, trade, and financial cooperation deepens, contractual disputes inevitably increase. IOMed's voluntary mediation framework provides an efficient, cost-effective alternative to traditional dispute resolution, positioning Hong Kong as a key hub for international commercial mediation under the Belt and Road Initiative .