Appraisal of the Success of the Instruments of International Commercial Arbitration vis-a-vis International Commercial Litigation and Mediation in the Harmonization of the Rules of Transnational Commercial Dispute Resolution

Abstract

This article compares the major instruments of International Commercial Arbitration (hereinafter 'ICA') with the instruments of International Commercial Litigation and Mediation. By so doing, the article comparatively assesses the success of ICA, litigation, and mediation as alternative mechanisms of transnational commercial dispute resolution. Accordingly, the article argues that, while the ICA is not the only means of transnational commercial dispute resolution, it will continue to be the most successful means of dispute resolution, playing the dominant role in harmonizing the rules of transnational commercial dispute resolution. However, the article also argues that, over time, transnational commercial litigation and mediation are becoming more viable alternatives to ICA in resolving transnational commercial disputes.