The Government of Hong Kong expresses its focus on boosting ship leasing, insurance, and offering its support to make the city a dispute resolution centre for global industry. The International Chamber of Shipping established its first-ever overseas office in Hong Kong in 2019. In addition, the Baltic and International Maritime Council (BIMCO) announced in September 2020 its adoption of the BIMCO Law and Arbitration Clause 2020 which has included Hong Kong as one of the four designated arbitration venues, alongside with London, New York and Singapore. These developments reflect Hong Kong's position as a leader in the area of international maritime arbitration.

Mediation-Arbitration (Med-Arb) and Arbitration-Mediation (Arb-Med) have features of both mediation and arbitration and are used to facilitate dispute settlement. Through describing the proceedings, illustrate the advantages of using these two approaches in resolving the disputes in the international trade. (11 Marks)