(CFP Photo)

An alliance of 43 arbitration commissions in the Yangtze River Delta has jointly released a declaration on promoting integrated development of arbitration services in the delta region.

The Jinlin Declaration, named after Nanjing's old name, was made during the Yangtze River Delta Arbitration Integration Development Forum that recently took place in Nanjing, which was held concurrently with the annual conference of the alliance.

The arbitration association will coordinate services in the delta region, China's pilot free trade zones, Hong Kong, Macao, Taiwan, and regions involved in the Belt and Road Initiative, covering key areas such as finance, real estate, construction engineering, maritime affairs and commerce. Efforts will be made to enhance cases discussion, exchange of practices, and collaborative talent training.

Established in November 2020, the alliance now has 43 members. In 2021, the delta region’s arbitration agencies received 109,011 cases involving 149 billion yuan in dispute, accounting for 26.2% and 17.3% of the country's total, respectively. From January to October, arbitration service providers in Jiangsu received more than 16,200 cases with a total amount of 32.4 billion yuan involved. The reduced or waived arbitration fees for SMEs amounted to 13 million yuan in the period, mainly in fields of real estate, equity trading, finance and insurance.