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The launching ceremony takes place in Liangjiang New Area, Chongqing on Oct 27. [Photo/liangjiang.gov.cn]

The China (Chongqing) Pilot Free Trade Zone Arbitration Center was launched during Chongqing municipality's first session of arbitration forum in Liangjiang New Area, on Oct 27.

The center will provide Chongqing enterprises with training and consultancy services concerning legal arbitration in a bid to alleviate the area's trade frictions and create a more convenient business environment.

Chongqing Arbitration Center will combine commonly adopted international rules with guidance from the Supreme People's Court to figure out the most appropriate arbitration system for the area.

The center will also hire a group of international commercial arbitrators from home and abroad. Coordinated publication, service and charge measures will soon follow.

"With the municipality's opening-up, especially the establishment of the Chongqing Free Trade Zone, we have seen an increasingly stronger appeal for a local arbitration center," said Zhang Jiandong, deputy director and secretary-in-general of Chongqing Arbitration Committee.

He believes it is of great necessity for Chongqing to launch an international arbitration center of its own.

During the launching meeting, the Chongqing Arbitration Committee signed cooperation agreements with the ASEAN Commercial Arbitration Committee to pave a way for more resource exchange in terms of international arbitration.

Commercial arbitration is already a major option to solve trade conflicts. In 2017, 253 arbitration institutes across the country received 239,000 cases worth 533.8 billion yuan ($76.72 billion).

Liangjiang is planning to build up an administrative mediation system, which will help to incubate a more legalized business environment and attract more foreign-invested enterprises.

"Chongqing should take full advantage of the talent resources from the Southwest University of Political Science & Law, as well as from Chongqing University, to accelerate this process," Zhang said.