International Commercial Arbitration in Net Era

With the globalisation of the world economy, all kinds of the international disputes come out frequently. Solving such dispute efficiently and fairly is very key to the development of the global trade. It is noted that many traders usually like to choose the international arbitration institution instead of the national court. Such a common opinion depends on the inherent advantages lying in the international arbitration.

The first advantage is impartiality. It is well known that the international arbitration institutions are usually organised by the independent organisations. For example International Chamber of Commerce (ICC) that was founded in 1923 and headquartered in Paris, the Stockholm Chamber of Commerce (SCC), the HongKong International Arbitration Centre (HKIAC), and so on. They are not the hands of the government. Whereas the national court is usually regarded as the part of the national government, which is supported by the native finance and will works for its native benefits. There is a common opinion that there is always something in the biased judiciary behind the different customs and languages in the different national courts.

The another important advantage of international arbitration is that the parties are free to contract where, when and how the arbitration will be conducted, which is called party autonomy. For instance, ICC, one of the most famous international arbitration institution, has its own set of rules which provides for greater flexibility in allowing parties to choose which method of dispute resolution will apply to their disputes. Like the ICC, the Stockholm Chamber of commerce (SCC) allows for significant party autonomy in selecting the applicable procedural rules to be followed by the arbitrators. Such common principle makes international arbitration be accepted by the international business community more and more. The relative parties can choose the rules that are fittest for them.

The other important reason which makes the international arbitration so popular is there are many multilateral conventions, regional multilateral conventions and some bilateral conventions that confirms the arbitrational awards shall be recognised and enforceable in the ratified countries. Now the most popular convention is New York convention of 1958 that is adopted more than one hundred states. It succeeded on the basis of the 1927 Geneva Convention and the 1923 Geneva protocol. Under the article III, each contracting state " shall recognise arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where the award is relied upon." There are someimportant regional multilateral conventions. For example, the Panama or Inter-American Convention of 1975 that was promulgated in 1975 has sometimes been described as a carbon copy of the New York Convention, the European or Geneva Convention of 1961 which was adopted in Geneva on 21 April 1961, the main purpose of that convention was to facilitate the efficiency of arbitration within Europe and in particular between the Western and Eastern European countries. The States from the Middle East have also been willing to cooperatebetweenthem in the field of arbitration and the most developed stage of their cooperation was the execution of the Amman Convention on 14,April 1987. We can find out that theconventionsthat deal with the enforcement of the international arbitration award almost cover all over the world. Such widely conventions set up the confidence to theinternational arbitration in the international business community and make international arbitration much more popular.

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