SINGAPORE - The China Council for Promotion of International Trade/China Chamber of International Commerce Mediation Centre and the Singapore International Mediation Centre have inked a Memorandum of Understanding (MOU) to cooperate to help businesses resolve disputes that may arise in cross-border commercial transactions under China's Belt and Road Initiative.

"The MOU has great significance for businesses, as they embark on cross-border commercial transactions under the Belt and Road Initiative," said Mr Han Kok Juan, Deputy Secretary of the Ministry of Law during the signing at the s International Mediation Summit on Tuesday (Sept 19).

The Singapore International Mediation Centre was launched in 2014 by the Chief Justice of Singapore Sundaresh Menon and Minister for Law K. Shanmugam SC. It has a panel of over 70 renowned mediators from all over the world and many of its users are Chinese parties.