SCC Forecast: Enabling business and trade
Successful business relations rely on transparent, predictable, and enforceable legal norms. Simply put, the rule of law. And in a crisis, perhaps even more so. To this end, the corona crisis illustrates the strength and value of international arbitration.
All throughout the Covid-19 crisis, international arbitration has provided global leadership of norms. It has upheld principles of certainty in volatile environments. And it has supported and kept the wheels turning when at first sight this appeared impossible.
Once again, we are reminded of how international arbitration functions as that invisible enforcement bar of the global economy, and of its role as an important enabler of trade, economic development, and growth.
The norms of international arbitration represent a unique mix of stability and flexibility. It seeks to safeguard fundamental legal principles, but also to adapt to changing times to ensure that efficiency and predictability is maintained. International arbitration of 2021 operates in an environment which in some respects is very different from the world in which international arbitration of 50, 30 or even 20 years ago operated. As an example, cyber security, money laundering and data protection were not part of the equation for most arbitration practitioners twenty some years ago. Today of course the scenario is quite different.
The challenges of a complex and interconnected world have also motived international arbitral institutions to offer a wider range of dispute resolution services. The result is expedited (or fast track) arbitration, emergency arbitration, different forms of mediation, and industry specific dispute resolution procedures.
What next? One thing is certain - the ever-increasing expectations on speed from international business, and the opportunities offered by digitalization will continue to influence our field and our rules going forward.
SCC Secretary General
Looking back... Read WHY ARBITRATION MATTERS, Annette Magnussons Keynote speech at GAR Live 8 April 2016 >>