Arbitration has gained a higher level of acceptance and greater enforceability across Asia than we have ever seen before. It is very much a result of the trend that countries in the region are increasingly involved in international business and playing more important roles in various economic sectors.
Universally accepted standards, or international standards, usually help to improve the efficiency of business. Increasing cross-border business inevitably requires an increase in the demand for dispute resolution to meet international standards.
International arbitral tribunals are apparently better venues for such international standards to be applied than the local courts because of the lack of international exposure of the latter. The New York Convention is also an important factor. The more international transactions, the more disputes to arise, and the more demands for the enforcement of arbitral awards.
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FAN MINGCHAO is the North Asia director of ICC Arbitration and ADR, and ABHINAV BHUSHAN is the South Asia director of ICC Arbitration and ADR.
