The recent years have seen a marked decrease in the opposition from the developing countries against arbitration as a means of settling trade disputes. This paper attempts to show that, even though the opposition of the developing countries has gone down, the conditions that created opposition against arbitration continue to be perpetrated and there still exist in the present set-up conceptual and institutional bias against the developing countries. In this context, this paper analyses three areas of international commercial arbitration i.e., whether arbitration is an effective mechanism for settlement of trade dispute for the developing countries, the power of arbitrators and the competence of national courts control and supervision over international commercial arbitration. The paper also analyses the contribution of the Regional Arbitration Centres established under the auspices of the Asian-African Legal Consultative Organization (AALCO), and stresses the need for promoting and strengthening these institutions.