Arbitration users in the different countries of the world have recognised the International Court of Arbitration of the International Chamber of Commerce (ICC) as their most preferred arbitral institution worldwide.
An international arbitration survey unveiled the findings. The survey was conducted by the School of International Arbitration, Queen Mary University of London (QMUL) in partnership with White & Case.
The survey results highlighted that “ICC stands out as the most preferred institution by a significant margin (77 per cent),” according to a press statement of the World Business Organisation (WBO).
The survey result exposed the ICC’s reputation, recognition and global presence. It also showed international experience ability to take into account users’ specific needs and preferences, as significant appealing factors for users.
“The survey confirms that ICC is the preferred institution across all regions, including Asia-Pacific and predicts that it will continue to retain its current market-leading position for years to come,” the statement added.
ICC dispute resolution statistics showed that in 2017, a total of 810 new cases were filed involving 2,316 parties from a record 142 countries.
Bangladesh International Arbitration Centre (BIAC) is the first international arbitration centre which is jointly sponsored by ICC Bangladesh (ICC-B), Dhaka Chamber of Commerce & Industry (DCCI) and Metropolitan Chamber of Commerce & Industry (MCCI), Dhaka.