A Critical Study to the Role of International Arbitration in the Resolution of International Business Disputes

Abstract

This study aims to evaluate the effectiveness of international arbitration in resolving international commercial disputes. The study provides a critical review of the role of arbitrators in conducting proceedings and developing laws due to the internationalisation of modern commercial law and investigates the International Bodies that are involved in International Commercial Arbitration. It covers the International Chamber of Commerce and the United Nations Commission for International Trade Law and their significant role in the development of commercial arbitration. Also analyzes the "New York Convention" text, which is a crucial piece of legislation in the recognition and enforcement of arbitral awards globally. Moreover, the study highlights the current challenges confronting International Commercial Arbitration and sets out the potential challenges it could face in the future. Finally, in the Conclusion, the study summarizes the current role of International Arbitration in the modern world. Finally, this study concludes by outlining the current role of international arbitration in the modern world.