The International Chamber of Commerce (ICC) announced on February 24, 2016, that it has received an official license to open a representative office in Shanghai's Free Trade Zone.
The ICC said in a statement that it will be the first non-Asian headquartered dispute resolution institution to establish an office in mainland China.
The license paves the way for the ICC Court to continue its expansion and increased engagement across Asia following the recent appointment of a regional director for South Asia and the opening of the ICC offices in Hong Kong (in 2008) and Singapore (in 2010), the statement said.
New ICC statistics reveal a more than 12 percent rise in the number of Chinese parties involved in ICC Arbitration cases filed in 2015 compared with 2014.
Mingchao Fan, ICC Regional Director for North Asia, said: "Establishing a representative office in Shanghai is an important step for the Court that will help widen its geographical coverage and be a boost to visibility and relations with potential users not only in China but across the rest of North Asia."
Shanghai's Free Trade Zone offers tax incentives for investment and trade, with zero customs duties and import taxes.
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