International trade growth fuels arbitration preference

International trade growth fuels arbitration preference

Arbitration’s fast speed and cost-effectiveness make it a preferred choice for resolving disputes.

As global trade complexities arise, arbitration is emerging as a preferred method for resolving the increasing number of cross-border disputes due to its speed and cost-effectiveness, particularly in Taiwan. 

Anna Hwang, Principal and Chair of the Dispute Resolution Team at Baker McKenzie Taipei, said that supply chain issues and trade wars are driving the trend toward resolving international disputes in Taiwan through arbitration.

She emphasised that as a trade-dependent economy, Taiwan is significantly impacted by global economic shifts, regulatory scrutiny, and inflationary pressures. These factors contribute to shorter lifespans of commercial agreements, thus precipitating disputes more quickly.

Hwang pointed out that Taiwanese companies, historically passive in adopting international arbitration clauses, are now becoming proactive. "Companies used to be very passive in accepting the international arbitration clause in agreement. However, recently, it's no longer the case due to the experience of speedy and cost-effective international arbitration," she explained. 

The collaboration with international law firms like Baker McKenzie further strengthens Taiwan's arbitration capabilities. "We have been here for nearly 50 years, we served Taiwanese and multinational companies here in Taiwan," Hwang stated. 

With a robust team of over 350 lawyers skilled in international arbitration, Baker McKenzie plays a crucial role in connecting Taiwanese businesses with global arbitration institutions and enhancing the local legal framework.

Hwang also addressed the emerging role of artificial intelligence in arbitration, noting its potential to revolutionise the field while acknowledging associated ethical concerns. "This is a very hot topic now. And I should say that AI is a must in the future, and we start to learn how to fit how to utilise such a technology in the arbitration sector as well," she remarked. 

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