ICSID At A Crossroads

Originally published in the Global Arbitration Review

William Rowley QC of 20 Essex Street and McMillan Binch Mendelsohn LLP says ICSID is too important to be run part time by the World Bank’s general counsel

Resolving commercial disputes efficiently is vital in the modern business world. Until relatively recently, the burden of doing so fell on those national court systems that seemed to capture the bulk of such disputes. But economic liberalisation and technological change have been altering the global economy. In particular, business has responded to the fall of trade barriers by expanding abroad and forging cross-border partnerships and joint ventures of every description. The growing multiculturalism of business and trade alone would have jetpropelled growth in international arbitration. But, because of the uncertainties inherent in court processes and because, for most international transactions, no national court is likely to be acceptable to both sides, the stage was set for