Data show the stakes are high and rising for international arbitration cases, and New York, as the sixth most popular arbitral seat (tied with Beijing), will certainly see its share of the action. As a global financial and commercial hub, New York meets the venue requirements of a variety of cross-border disputes with its neutral courts, well-developed body of complex commercial law, and deep bench of arbitrators, institutions and lawyers. New York is the leading U.S. venue for AAA-ICDR arbitrations with 153 cases in 2020, and U.S. nationals represent the second highest selected category of arbitrators after U.K. nationals with 220 appointments in the same year. New York’s pro-arbitration stance bolsters its attractiveness to parties from certain regions with nascent or burgeoning domestic arbitral seats, such as Latin America which is further discussed below. In this article, we spotlight some current trends across key industries and geographies that exemplify how international arbitration resolves a host of disputes, all of which indicate that New York’s strength as an arbitral seat of choice is unlikely to wane anytime soon.
International arbitration continues to be the most popular mechanism for cross-border dispute resolution. Early data released from the annual ICC Dispute Resolution Statistics report indicate that the global appetite for international arbitration, alongside other alternate dispute resolution methods, will not soon subside. The ICC preliminary findings both corroborate and add color to the unsurprising 90% of respondents in White & Case’s 2021 International Arbitration Survey who prefer arbitration—either standalone or in conjunction with alternative dispute resolution methods—to litigation, especially as businesses emphasize conserving capital and resources during economic uncertainty.
