INTERNATIONAL ARBITRATION AS A MEANS OF GLOBAL GOVERNANCE: ITS DEVELOPMENT AND LIMITATIONS

Abstract

Development of international arbitration over the last decade in the business world has made international arbitration one of the emerging means of global governance. International arbitration through its efficiency demonstrated in cases like Yukos Award, Chevron v Ecuador, the Egypt Court of Cassation has showed how arbitration trends are being accommodated and complied by countries and the recent case of P & ID v Nigeria case demonstrated that even a failed arbitration also serves as a directory to the court. The principles of fairness, neutrality, efficiency in justice delivery of International Arbitration has made it a normative structure and legal culture in resolving the commercial and investment disputes making International Arbitration a norm in the Global Village. This work made a study of the legal framework and Institutional framework of international arbitration, the contending principles and evidences in International Arbitration to show the effectiveness of international arbitration and how it became a normative structure. The study adopted doctrinal methodology and analytical approach with the aid of statutory enactment, case law, textbooks, and journal articles. It is the findings that the Global Governance of International Arbitration has a draw back by too much interference by the court either at the stage of arbitral proceedings or at the stage of enforcement of award or drawback of complexity in arbitration agreement or difficulty in enforcement of awards.