Boo, Lawrence --- "Internationalisation of Decision-Making – Arbitration" [2010] ELECD 433; in Hiscock, Mary; van Caenegem, William (eds), "The Internationalisation of Law" (Edward Elgar Publishing, 2010)

Book Title: The Internationalisation of Law

Editor(s): Hiscock, Mary; van Caenegem, William

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781849801027

Section: Chapter 17

Section Title: Internationalisation of Decision-Making – Arbitration

Author(s): Boo, Lawrence

Number of pages: 7

Extract:

17. Internationalisation of decision-
making ­ arbitration
Laurence Boo*

INTRODUCTION

International arbitration has developed into a distinct modality for dispute
resolution due primarily to its international enforceability under the NYC
on the Recognition and Enforcement of Foreign Arbitral Awards 1958
(NYC).1 With its growth there arise new principles, rules and processes
that directly impact or influence decision-making, particularly in interna-
tional commercial transactions and cross-border direct investments. Such
influences can be seen in terms of their impact on the substantive rules as
well as in its processes.


INTERNATIONAL CONVENTIONS

With more than 140 states having ratified the NYC, its international
acceptability and influence are unrivalled. Earlier conventions such as
the 1923 Geneva Protocol on Arbitration Clauses (Geneva Protocol) and
the 1927 Geneva Convention on the Execution of Foreign Awards (1927
Geneva Convention) tended only to have regional following.
Post-World War II witnessed the need for reconstruction and capital
intensive investments leading to the need to encourage and protect inves-
tors from developed nations preparing to invest in developing states by
removing `major impediments to the free international flows of private
investment posed by non-commercial risks'. The Convention on the
Settlement of Investment Disputes between States and Nationals of States
1965 (the `ICSID Convention') gave birth to a supranational regime,
delinked from national laws and judicial system to serve as an `impartial
international forum providing facilities for the resolution of legal disputes'
arising from such investment disputes. As at 30 June 2008, there were 155
signatory States ...