Originally from: International Commercial Arbitration in Asia - 3rd Edition

I. INTRODUCTION

A. Arbitration and Legislative Development since 1978 Disputes are an inevitable concomitant of international trade and cross-border investment. As the world has become more complex, countries are judged by the mechanisms that they put in place to resolve such disputes. Litigating cross-border business disputes in national courts poses various problems and uncertainties given the potential involvement of several different legal systems. Arbitration is today regarded as an indispensable tool designed to afford parties engaged in international trade and investment the requisite degree of certainty and confidence they rightly demand for dispute resolution in the international transactions.1 Development of international arbitration norms is largely fueled by expectation of the global business community, and has been under heavy influence of the modernization and harmonization waves shaped by the New York Convention, 2 UNCITRAL Model Law on International Commercial Arbitration (the “ML”), 3 and International Chamber of Commerce Court of Arbitration Rules (the “ICC Rules”).