THE ARAB CHAMBER OF COMMERCE & INDUSTRY SIGNS A MEMORANDUM OF UNDERSTANDING & COOPERATION WITH THE INTERNATIONAL DISPUTE RESOLUTION & RISK MANAGEMENT INSTITUTE

A Memorandum of Understanding & Cooperation (MOU) was entered into on the 30th of April 2019, by Dr. LAW Wai Hung Francis, President of the International Dispute Resolution & Risk Management Institute (IDRRMI) and Lord Edwin E. Hitti, President of The Arab Chamber of Commerce & Industry (ARABCCI).

In light of President Xi Jinping’s “China Belt & Road Initiative” aspirations, involving infrastructure development and investments in 152 countries and international organizations predominantly in Islamic States, the ARABCCI entered into an  MOU with the IDRRMI in order to foster a better business environment, reduce and prevent various types of disputes arising in cross-borders commerce and strengthen industries’ risk management and mediate-first concepts, with the IDRRMI availing dispute resolution experts and  to organize professional seminars and forums on dispute resolution.

This joint role would stand for more than serving solely current and future member’s interests, but would ultimately be at bridging long-standing economic, judicial, and cultural gaps by/between:

  • The Muslim world, which has 1.8 billion adherents predominantly spread over 57 Countries, making-up over 24.1% of the World’s population;
  • The Arab world, which has a combined population in 22 Arab States of around 420 million inhabitants, and about 20% of the World’s Muslim population; and
  • The People’s Republic of China, the world’s most populous Nation with a current population of 1.4 billion strong, forming 18.41% of the world’s population.

Together the IDRRMI and the ARABCCI stand to provide formidable multilateral conflict resolution platforms, as well as a powerful social-economic lobby, generating in concert a greater stimulus for the professional, academic, scientific, technological, industrial, private, public and diplomatic sector(s).

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