The International Council for Commercial Arbitration (ICCA) holds its 17th conference in Beijing from May 16 to 18.

The international commercial arbitration mainly applies to settling foreign-related civil and commercial disputes, including international economic and trade arbitration, maritime arbitrationand multi-national commercial arbitration.

Compared with consultation, mediation and lawsuit, arbitration has irreplaceable advantages. First, it is freer and more flexible.The parties concerned can assume arbitration organizations, places,regulations and arbitrators. Second, the arbitration conclusion has legal force.

Besides, arbitration saves time and money. Once the arbitrator has made a judgment, the parties concerned cannot apply for another arbitration or go to court. Arbitration can also help keepprivacy because it does not make inquisition publicly.

In 1958, the United Nations approved the Treaty of Acceptance and Performance of Foreign Arbitrament. The arbitration agreementsand their acceptance and enforcement system based on the treaty have become the cornerstone of the modern international commercialarbitration system.

At present, more than 100 countries contracted this treaty.

Source: Xinhua