Financial Secretary Paul Chan on Sunday said setting up an international mediation body in Hong Kong helps enhance the city's competitiveness as an international financial, trade and shipping centre.

Last week, a total of 33 countries signed the Convention on the Establishment of the International Organization for Mediation at a ceremony held in the SAR.

Writing on his blog, Chan said authorities will push forward relevant work at full speed, and strive to put the organisation into operation as early as the end of this year.

He said an efficient, fair and trusted dispute resolution mechanism is crucial for promoting more international investment and trade, and it helps boost investor confidence.

Chan said Hong Kong has gained trust from different parties under the "One Country, Two Systems" principle, and is taking advantage of the SAR's unique role as the only common law jurisdiction within the nation.

He added that the mediation body helps strengthen Hong Kong's status as an international legal and dispute resolution services centre in the Asia-Pacific region.

Meanwhile, Chan pointed out that Hong Kong's economic and trade ties with Global South countries have been deepening since Asia's first Saudi Arabia exchange-traded fund was listed in the SAR in 2023.

He said Hong Kong has had frequent exchanges with Saudi Arabia's financial market, and that there has been more cooperation with Global South countries on aspects such as innovation and technology, the digital economy and tourism.