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Wood, Diane P. --- "Private dispute resolution in international economic law" [2007] ELECD 105; in Guzman, T. Andrew; Sykes, O. Alan (eds), "Research Handbook in International Economic Law" (Edward Elgar Publishing, 2007)

Book Title: Research Handbook in International Economic Law

Editor(s): Guzman, T. Andrew; Sykes, O. Alan

Publisher: Edward Elgar Publishing

ISBN (hard cover): 9781843766742

Section: Chapter 14

Section Title: Private dispute resolution in international economic law

Author(s): Wood, Diane P.

Number of pages: 24

Extract:

14. Private dispute resolution in international
economic law
Diane P. Wood



Introduction
Global commerce, all agree, has reached unprecedented proportions in the
twenty-first century. According to the World Trade Organization, the aggre-
gate value of merchandise trade imports in the year 2003 was $7,569 billion;
the value of merchandise trade exports was $7,294 billion.1 The numbers for
global trade in commercial services are just as impressive: 2003 imports were
valued at $1,780 billion, and exports were valued at $1,795 billion.2 Even one
with a Panglossian view of the world will recognize that this enormous
volume of commerce cannot take place without occasional friction between
the parties. That friction, in turn, sometimes requires the use of a dispute reso-
lution mechanism. In the most successful cases, the parties manage to resolve
their problems informally, through discussions, the good offices of a trade
association, or a trained mediator. Quite often they turn to arbitration, which
has the twin virtues of being adaptable to the particular situation and produc-
ing an award that is enforceable in court. And, of course, the court systems in
nations around the world are regularly presented with disputes that involve
parties from beyond their borders, the need to apply foreign law, the need to
gather evidence scattered around the world, and the question of enforceability
of the judgments and orders of foreign courts.
Considering the complexity of the task and the potential volume of cases,
private dispute resolution in international economic ...