What are the biggest problems that international commercial arbitration has to deal with, and how can they be fixed so that cross-border transactions can go smoothly?
International Commercial Arbitration: The Challenges

The most significant issues in International Commercial Arbitration (ICA) include noncompliance with awards due to lack of enforcement mechanisms or dispute settlement rules; cultural differences affecting negotiations and implementation of agreements; difficulty in collecting judgments and enforcing them against defaulting parties abroad; difficulties related to proof collection in foreign legal systems; time delays inherent in court proceedings and other traditional forms of dispute resolution.

To address these challenges, some measures have been taken by ICA institutions including establishing international courts of appeal for arbitrators’ decisions, developing a set of principles on which arbitral awards should be based, standardizing procedures through development of model rules and procedures, building up technical expertise among judges and lawyers from different countries and increasing cooperation between regulators and ICs. However, more effective solutions may require greater recognition at an international level of ICA as an established form of alternative dispute resolution rather than merely being regarded as a ‘last resort’. Additionally, it is important not only to consider these challenges but also explore new approaches such as online mediation, where technology allows for realtime interaction without physical presence.