The International Commercial Dispute Prevention and Settlement Organization was inaugurated in Beijing on October 15, 2020, signifying an important outcome of the Second Belt and Road Forum for International Cooperation.

As a non-governmental international organization registered at China's Ministry of Civil Affairs according to the existing regulations, the organization was initiated by China Council for the Promotion of International Trade and China Chamber of International Commerce jointly with 45 business associations, legal service agencies, university think tanks and other institutions in over 20 countries and regions including Asia, Europe, Africa, North America and South America.

The Chinese government approved the organization this May. The inauguration ceremony held on October 15 marks its establishment in Beijing. Following the philosophy of extensive consultation, joint contribution and shared benefits, the organization is dedicated to providing comprehensive, one-stop commercial legal services throughout the process from dispute prevention to dispute settlement for businesses and offering a new option of dispute prevention and settlement for the international community.

A number of international organizations such as the United Nations Commission on International Trade Law, the World Intellectual Property Organization, the SAARC Chamber of Commerce and Industry and the Union of African Chambers of Commerce and Industry participated in the event via video. Representatives noted that the inauguration of the International Commercial Dispute Prevention and Settlement Organization is of great significance, reflecting the pursuit of the international commerce and industry community for fair and efficient dispute settlement services. The organization will provide a new platform for all sides to enhance their consensus, benefit the industry and commerce circles around the world, and serve the sound and sustainable development of relevant industries.

Up to now, a total of 28 non-governmental international organizations have been headquartered in Beijing, the highest number in China.