The International Chamber of Commerce (ICC) has set out to fortify its top spot global position in international arbitration as it redefines its strategy towards offering top quality professional arbitration services.
Currently, the Chamber has beefed up the membership of its International Court of Arbitration, while it seeks to expand its scope of professional services across its main continental locations.
Although the International Chamber of Commerce (ICC) remains the most preferred choice by the global business community for international commercial arbitration to settle disputes, it believes it has to solidify its status in view of the increasing competition from other bodies such as the Singapore International Arbitration Centre (SIAC).
The newly launched Africa Arbitration Association (AfAA), which is aimed at offering an effective regional arbitration organ for the business community in Africa, is expected to attract African clients who hitherto choose the International Chamber of Commerce (ICC) as their arbitral body, or London and Paris as arbitration seats.
A 2018 International Arbitration survey conducted by the School of International Arbitration at Queen Mary University of London ranked the five most preferred arbitral institutions as the ICC, London Court of International Arbitration (LCIA), Singapore International Arbitration Centre (SIAC), Hong Kong International Arbitration Centre (HKIAC) and Stockholm Chamber of Commerce (SCC), while the five most preferred seats of arbitration are London, Paris, Singapore, Hong Kong and Geneva.
International Chamber of Commerce (ICC)President, Alexis Mourre, in a letter welcoming newly appointed members to the ICC International Arbitration Court, said the Chamber was committed to “continue striving to offer global excellence to users worldwide, in particular with respect to the Court’s signature service of award scrutiny.”
He describes the Court as “a unique organisation, and the only truly global arbitral institution, administering arbitrations from its offices located in Paris, Hong Kong, New York, Sao Paolo and Singapore, with a Secretariat able to work in more than 20 different languages and Court members from over 110 different countries.”
As part of the restructuring, he said the International Chamber of Commerce (ICC) World Council has reviewed its policy which ensures that members of the Court do not service more than two consecutive full terms, while a gender balanced membership is required.
“The inauguration of this revitalized and fully gender-balanced Court opens a promising new chapter in the Court’s history with its largest, most regionally and generationally diverse network of members to date.
“In line with the Court’s decision not to permit members to serve for more than two consecutive full terms, close to half of the Court members are new entrants.
“The new Court is a unique group of outstanding professionals, and it will be a privilege and an honour for me to work with all of you over the next three years,” Mr. Mourre told the members.
He said the Chamber looks “to our renewed members to carry forward the Court’s unparalleled institutional knowledge and experience from the current term of office, as well as counting on incoming members to bring fresh enthusiasm and a broad range of new perspectives to the essential work of the Court.”
He reminded the members that the Court must continue on the path set by its outgoing members, to whom the Court is indebted for their invaluable expertise and input throughout the years.
By Edmund Mingle/adrdaily.com