Conceptual model for strengthening international commercial arbitration in promoting cross-border trade and investment in developing economies

International commercial arbitration plays a crucial role in promoting cross-border trade and investment, particularly in developing economies where legal and institutional frameworks may be underdeveloped. This paper proposes a conceptual model aimed at strengthening international commercial arbitration to enhance its effectiveness in supporting cross-border trade and investment in these regions. The model addresses the unique challenges faced by developing economies, such as inadequate legal infrastructure, limited access to expertise, and the reluctance of foreign investors due to perceived risks. It emphasizes the need for capacity building, the harmonization of arbitration laws with international standards, and the creation of supportive legal environments that foster investor confidence. The model proposes the establishment of regional arbitration centers with a focus on developing economies, staffed by experts familiar with local contexts and international best practices. Additionally, it suggests the integration of digital technologies to streamline arbitration processes, reduce costs, and enhance accessibility. Collaboration between international arbitration bodies, governments, and private sectors is also highlighted as a critical component for the success of this model. Furthermore, the model advocates for the development of specialized training programs to build local expertise in arbitration and dispute resolution. By fostering a robust arbitration culture, developing economies can attract and retain foreign investment, thereby contributing to sustainable economic growth. This conceptual model seeks to bridge the gap between global arbitration standards and the specific needs of developing economies. By doing so, it aims to create a more conducive environment for cross-border trade and investment, ultimately contributing to the economic development of these regions. The paper concludes by outlining the potential impact of the model on improving investor confidence, reducing trade barriers, and enhancing the overall attractiveness of developing economies as investment destinations.

Authors

Publication Details

Journal
Global journal of research in multidisciplinary studies
Published
2024-09-14
DOI
https://doi.org/10.58175/gjrms.2024.2.1.0037
Primary Topic
International Arbitration and Investment Law
Type
article
Field-Weighted Citation Impact
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article

Conceptual model for strengthening international commercial arbitration in promoting cross-border trade and investment in developing economies

Adetoyese Latilo, Hendrickx Oreoluwa Imosemi, Queenette Anuoluwapo Imosemi, Mubarak Opeyemi Nurudeen
Global journal of research in multidisciplinary studies
International Arbitration and Investment Law
article

Conceptual model for strengthening international commercial arbitration in promoting cross-border trade and investment in developing economies

Adetoyese Latilo, Hendrickx Oreoluwa Imosemi, Queenette Anuoluwapo Imosemi, Mubarak Opeyemi Nurudeen
article en

Abstract

International commercial arbitration plays a crucial role in promoting cross-border trade and investment, particularly in developing economies where legal and institutional frameworks may be underdeveloped. This paper proposes a conceptual model aimed at strengthening international commercial arbitration to enhance its effectiveness in supporting cross-border trade and investment in these regions. The model addresses the unique challenges faced by developing economies, such as inadequate legal infrastructure, limited access to expertise, and the reluctance of foreign investors due to perceived risks. It emphasizes the need for capacity building, the harmonization of arbitration laws with international standards, and the creation of supportive legal environments that foster investor confidence. The model proposes the establishment of regional arbitration centers with a focus on developing economies, staffed by experts familiar with local contexts and international best practices. Additionally, it suggests the integration of digital technologies to streamline arbitration processes, reduce costs, and enhance accessibility. Collaboration between international arbitration bodies, governments, and private sectors is also highlighted as a critical component for the success of this model. Furthermore, the model advocates for the development of specialized training programs to build local expertise in arbitration and dispute resolution. By fostering a robust arbitration culture, developing economies can attract and retain foreign investment, thereby contributing to sustainable economic growth. This conceptual model seeks to bridge the gap between global arbitration standards and the specific needs of developing economies. By doing so, it aims to create a more conducive environment for cross-border trade and investment, ultimately contributing to the economic development of these regions. The paper concludes by outlining the potential impact of the model on improving investor confidence, reducing trade barriers, and enhancing the overall attractiveness of developing economies as investment destinations.

Global journal of research in multidisciplinary studiesVol. 2(1)
Partnerships for the goals
Openalex Percentile: Top 73%
International Arbitration and Investment Law
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