The 2023 China Arbitration Summit & The 3rd Belt and Road Arbitration Institutions Forum was held in Beijing on Wednesday, gathering more than 500 guests from over 20 countries to pool wisdom on the development of international arbitration amid the sci-tech revolution and industrial transformation. 

The 2023 China Arbitration Summit & The 3rd Belt and Road Arbitration Institutions Forum is held in Beijing on Sept. 6, 2023. [Photo courtesy of China International Economic and Trade Arbitration Commission]

As the flagship event of the China Arbitration Week, the summit is co-hosted by China International Economic and Trade Arbitration Commission and United Nations Commission on International Trade Law (UNCITRAL). 

Themed with "International Arbitration Riding on the New Wave of Sci-Tech Revolution and Industrial Transformation," the summit focused on the latest development of alternative dispute resolution mechanisms, hot issues in international arbitration, as well as the new trend of arbitration, among other topics.

As this year marks the 10th anniversary of the Belt and Road Initiative, the summit probed into opportunities of and challenges faced by international arbitration within the sphere of the Belt and Road Initiative. 

Yu Jianlong, vice chairman of the China Council for the Promotion of International Trade, said the summit aimed to further enhance consensus, mutual trust, and communication on the rule of law, and leverage the role of international arbitration to handle international business disputes, stabilize global economy and trade, promote high-quality development of the Belt and Road Initiative, as well as improve global governance.

Technological advancement in the past decades has brought about tremendous changes to the way people communicate and interact with each other, accelerating the movement of goods and services across borders while also bringing about new challenges, said Anna Joubin-Bret, secretary of the UNCITRAL, in her speech at the opening ceremony.

Joubin-Bret introduced the commission's recent work in the area of dispute resolution such as adopting a guidance text on early dismissal and preliminary determination. She also highlighted the commission's work in exploring the impact of digital technologies and technology-enabled services on dispute resolution, and pledged efforts to develop norms fit for the digital age. 

Wednesday's event also featured the launch of the Cooperation Mechanism on Foreign Law Ascertainment of the Belt and Road Arbitration Institutions and a signing ceremony of the memorandum of understanding (MoU). The MoU seeks to create a stable, fair, transparent, and law-based business environment for Belt and Road countries, and deal with frictions, risks, and challenges brought by uncertainties of the global economy. So far, 39 institutes including 24 international arbitration institutes and dispute resolution organizations have signed the MoU. 

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