HONG KONG -- The International Organization for Mediation (IOMed) serves as an important public good in the field of the rule of law for better global governance, Chinese Foreign Minister Wang Yi said here on Friday.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, delivered a speech at the signing ceremony of the Convention on the Establishment of the IOMed in Hong Kong.

Wang said that as an innovative step in international rule of law, the IOMed has great significance in the history of international relations.

Wang noted that the establishment of the IOMed is an actualization of the purposes and principles of the UN Charter and will fill an institutional gap in international mediation.

The birth of the IOMed can help transcend the "you-lose-I-win" zero-sum mentality, promote the amicable resolution of international disputes, and foster more harmonious international relations, Wang said.

The IOMed respects the wishes of parties concerned, and draws upon the strengths of being more flexible, cost-effective, convenient, and efficient, he said, adding that it will complement and form synergies with litigation, arbitration and other existing international dispute settlement mechanisms.

Emphasizing the importance of enhancing the participation of developing countries and improving the representation and say of the Global South in international governance, Wang called on parties to put in place at an early date a set of world-class mediation rules and mechanisms featuring autonomy, flexibility, pragmatism and high efficiency.

As decided through consultation among countries participating in the negotiation of the convention, the IOMed will be headquartered in Hong Kong, Wang said, adding that the city, with affinity to the motherland and connection to the world, enjoys exceptional advantages in international mediation.

China looks forward to the signatories' early ratification of the convention and welcomes the active participation of more countries, said the foreign minister.

About 400 high-level representatives from 85 countries and nearly 20 international organizations attended Friday's signing event. Among them, 33 countries signed the convention on-site, making them the founding members of the IOMed.

Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, Zimbabwean Minister of Foreign Affairs and International Trade Amon Murwira, Nicaragua's Attorney General Wendy Carolina Morales Urbina, Serbian Minister of Justice Nenad Vujic, Swiss Foreign Minister Ignazio Cassis and UN Under-Secretary-General Li Junhua delivered speeches at the event.

Acknowledging that the IOMed is in line with the purposes and principles of the UN Charter, they stressed its importance to multilateralism, global governance and global rule of law, and called on more countries to sign and ratify the convention.

They also appreciated China's role as a major country and expected the IOMed's contribution to the peaceful settlement of disputes and friendly cooperation among countries.

John Lee, chief executive of the Hong Kong Special Administrative Region, welcomed the establishment of the world's first intergovernmental international legal organization dedicated to resolving international disputes through mediation in Hong Kong, adding that Hong Kong will give full play to its institutional advantages of "one country, two systems" and fully support the operation of the IOMed.