Arbitration Trends and Challenges in Transnational Commercial Disputes

Abstract

As globalization accelerates, cross-border business grows, leading to more disputes. Traditional litigation often fails to meet demands for efficient, flexible resolution. At this time, the alternative dispute mediation mechanism, such as arbitration, has emerged and demonstrated its irreplaceable utility in dealing with international commercial conflicts. The main purpose of this paper is to examine the practice trend and the existing difficulties of arbitration in the mediation of transnational commercial disputes in recent years. Firstly, through a systematic review of the literature, we can extract the fundamental characteristics of transnational commercial arbitration and outline its evolution.Secondly, it analyzes the latest practice of arbitration system in the world and the influence of technological innovation. Then, this paper deeply discusses the specific problems encountered in the practice of arbitration, including the obstacles in the application of law, the execution of awards, etc. Finally, based on the above research results, this paper puts forward strategies and suggestions to improve transnational commercial arbitration procedures, aiming at promoting fairer and more efficient operation in this field. It is expected that this research can contribute enlightening reference to the future evolution path of cross-domain commercial dispute arbitration.