The pre-eminent place of arbitration in the international commercial dispute resolution landscape has been strengthened and secured by the legal institutions of the transnational system of commercial justice (or ‘TSCJ’). The courts, in particular, have done so in at least four ways: (1) by allocating jurisdiction appropriately between arbitral tribunals and other institutions; (2) by facilitating the enforcement of arbitral awards and preventing the relitigation of issues; (3) by setting sensible standards for the conduct of arbitration; and (4) by reinforcing rule of law norms within arbitration. However, there are at least three systemic challenges that will need to be addressed as we map the future of arbitration within the TSCJ: (1) the problem of complexification; (2) the need to secure access to justice; and (3) the existential threat of climate change. Arbitration practitioners and institutions can and should turn their attention to preparing themselves for these challenges, and they can draw from the experiences of other institutions within the TSCJ to chart a viable path forward.
Asian International Arbitration Journal