The U.K. has proposed changes to its arbitration laws in a bid to underscore its status as the destination of choice for the most lucrative arbitrations, as its battle with other nations for dominance intensifies.

On Thursday, the Law Commission of England and Wales unveiled proposals to amend the Arbitration Act 1996 to, among other things, streamline cases and offer greater protections to arbitrators, which it believes will ensure it is a draw for major arbitrations.