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The International Organization for Mediation (IOMed) is advancing a consensus-based multilateral process that directly embodies the foundational principles of the Belt and Road Initiative, Secretary-General Teresa Cheng Yeuk-wah said on Thursday.
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Speaking at the Belt and Road Summit at the Hong Kong Convention and Exhibition Centre, Cheng emphasized that IOMed embodies the principle of extensive consultation and joint contribution for shared benefit.
Cheng explained that IOMed resolves both intergovernmental and international commercial disputes, offering its services to non-member states and their enterprises as well, with the body having already achieved successful outcomes in early dispute resolution cases.
The organization’s signatories have expanded from 37 to 47 countries, with contracting states increasing to 16, all of which are active participants in the Belt and Road Initiative.
Cheng pointed out that closer commercial, trade, and financial cooperation inevitably generates more transactions and contracts, which in turn leads to occasional contractual disputes.
Mediation under the IOMed framework operates voluntarily, offering a more efficient and cost-effective mechanism where disputing parties maintain direct control over the procedure and results, serving as a crucial "lubricant" for international cooperation.
She added that the organization will continue strengthening capacity building with global partners to train and develop international mediators.
