On Friday, Hong Kong Special Administrative Region witnessed a historic signing ceremony for the Convention on the Establishment of the International Organization for Mediation (IOMed). Chinese Foreign Minister Wang Yi described this move as an "innovative step in international rule of law" with great significance in shaping global relations.
Representatives from 32 countries officially became founding members of IOMed, with high-level delegates from over 50 countries and nearly 20 international organizations in attendance. Experts highlight that IOMed is not just a ceremonial launch but a milestone in global governance. It fills a long-standing gap in international dispute resolution by offering a dialogue-based, cost-effective, and accessible alternative to existing mechanisms.
The IOMed is designed to mediate disputes between states, between a state and foreign investors, and even in international commercial conflicts—all reflecting a departure from a "you-lose-I-win" mentality. Instead, it promotes the harmony and win-win outcomes deeply rooted in Eastern traditions. As the saying goes, "Harmony is precious," and this philosophy underpins the IOMed approach to resolving conflicts peacefully 🤝.
Analysts, including Beijing-based expert Xu Ying, note that existing dispute settlement bodies often favor the interests of a few dominant powers. IOMed aims to complement these systems by ensuring fairness, especially for developing countries, and by creating a more credible environment for international mediation.
Headquartered in Hong Kong, IOMed benefits from the region's unique combination of a robust legal system and strong links with both the East and the West. Hong Kong's well-established legal services ecosystem and its strong track record as a global finance hub further reinforce the city’s role as an ideal location for this groundbreaking institution 🌏.
Reference(s):
Why China helped set up International Organization for Mediation
cgtn.com
