The Role of International Commercial Arbitration in Settling International Economic Disputes: An Analytical Study in Light of Contemporary Developments 2024-2025

Abstract

This research analyzes the role of international commercial arbitration as a primary mechanism for resolving cross-border economic disputes, in light of the rapid developments witnessed by the international legal system during 2024-2025. The research aims to provide a comprehensive overview of the legal foundations of arbitration, its advantages and challenges, and its practical applications in the fields of international commercial contracts, foreign direct investment, intellectual property, and construction. The Research Problem, the contemporary world has witnessed a significant evolution in commercial and economic transactions, alongside the emergence of modern technologies such as electronic contracts and a growing diversity of legal systems. These developments have raised critical questions regarding the capacity of commercial arbitration to achieve justice and ensure the expeditious resolution of commercial and economic disputes with requisite efficiency and effectiveness. This study adopts a descriptive-analytical approach. Furthermore, the research discusses prominent contemporary developments, notably Electronic Arbitration (e-Arbitration). The research delineates the legal framework of arbitration by examining key international instruments, primarily the 1958 New York Convention. Subsequently, the study highlights the advantages of commercial arbitration, emphasizing its speed and specialized expertise in adjudicating commercial disputes. The research concludes that international commercial arbitration constitutes a fundamental pillar for the stability of international economic transactions. However, it continues to face significant challenges pertaining to procedural costs, transparency, and the enforcement of arbitral awards. The recommendations, most notably Contractual Development the necessity of developing standardized contract models drafted in Arabic to align with the specificities of regional and international legal requirements.