New Mediation Body Elevates Hong Kong’s Global Status

Chinese Foreign Minister Wang Yi has spearheaded the establishment of an international mediation organization in Hong Kong. Amid ongoing U.S.-China trade tensions, the new body aims to elevate Hong Kong's international stature alongside major judicial entities. The initiative forecasts economic expansion and increased opportunities across diverse sectors.

In a significant move to boost Hong Kong's international standing, Chinese Foreign Minister Wang Yi signed a convention establishing a new international mediation organization on Friday. The initiative aims to elevate Hong Kong's status to match that of the International Court of Justice and the Permanent Court of Arbitration in The Hague.

The move comes amid escalating geopolitical tensions, particularly between China and the United States, driven by President Donald Trump's trade policies. These tensions have notably impacted global markets, making the new mediation body a focal point for investors seeking stability and reliable conflict resolution channels.

According to leader John Lee, the organization is expected to bring substantial economic benefits, enhancing job opportunities and stimulating sectors like hospitality and transport. Representatives from countries including Indonesia, Pakistan, and Serbia, along with delegates from 20 international bodies, attended the inauguration.

(With inputs from agencies.)