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In recent years, a global shift has unfolded, casting doubt on the efficacy of traditional international cooperation and the multilateral framework of international economic law. This shift, marked by increasing skepticism among nations, raises questions about the future.

Amidst this backdrop, arbitration has emerged as a dominant force in resolving disputes between businesses globally. It is not limited to simple cases; complex disputes involving substantial sums are now routinely entrusted to arbitration tribunals worldwide.

Arbitration, as a process, efficiently resolves disputes between parties. However, its significance extends beyond mere dispute resolution. Economics is a cornerstone, guiding us in constructing compelling cases in both commercial and investment-state settings. In essence, arbitration leverages the principles of economics, exploiting disparities in currency values, precious metals, or stocks. Economic analysis is an indispensable tool in navigating the intricate terrain of international disputes, illuminating the underlying dynamics of commercial relationships and assessing any deviations from the original agreements between parties. It further empowers us to devise alternative solutions, should the balance of a contract be disrupted.

Whether in the context of commercial or investment-state arbitrations, the fundamental economic principles remain the same. The distinguishing factor lies in the legal framework and specific claims. In these scenarios, the collaboration between experts and legal practitioners is vital, as it is through this synergy that robust arguments are developed within the contours of applicable law.

Economic analysis serves not only as an informative tool for tribunals but also as a means to help them comprehend the intricate trade-offs between the economic advantages of contract modifications and the potential disruptions to the allocation of rights and responsibilities initially agreed upon by contract parties.

Looking ahead to 2023, we anticipate intriguing developments in international arbitration. Enforceability remains a top priority for businesses, and we expect to witness an increased adoption of arbitration provisions in cross-border agreements and standard form contracts during 2023-2024.

We invite you to explore the wealth of knowledge and resources on our website, as we collectively shape the future of international arbitration.

The past few years have brought important winds of change for arbitration in Italy.

By Legislative Decree No 149/2022 of 10 October 2022 (“2022 Reform”), the Italian Government put into practice a reform of the Italian civil justice system, providing several new provisions concerning also national and international arbitration in Italy. The new provisions on arbitration entered into force on 28 February 2023 and apply to arbitrations commenced after that date.

The underlying hope of 2022 Reform is to make Italy more “arbitration-friendly”, promoting the spread and growth of arbitration as an efficient alternative way to settle disputes.

In particular, the new art. 818 Italian Civil Procedural Code (ICPC) states: «The parties, also by reference to arbitration rules, may assign to arbitrators the power to issue interim measures in the arbitration agreement..». This is a significant and remarkable innovation considering that, before 2022 Reform, the Italian Courts had exclusive jurisdiction on interim and provisional measures. It is good for international business and litigators. Today, in fact, Italy’s jurisdiction is leveled to most jurisdictions. The power to grant interim measures is provided, for example, in the UK by the Arbitration Act 1996, section 38(1); in France by article 1468 of the ccp; in Germany, section 1041 paragraph 1 of the ccp; in Spain, by article 23 of the Arbitration Act number 60/2003; and, finally, also in the Italian Code of Civil Procedure.

Other main changes effected by the Reform are:

— enhancement of the interaction between arbitration and Italian court litigation;

— strengthening of arbitrators’ disclosure obligations in an attempt to foster impartiality.

In accordance with the best international standards and practices, an arbitrator has a duty to disclose any fact or circumstance which, from the perspective of a reasonable third person, would give rise to justifiable doubts as to his or her impartiality or independence.

As from 1 March 2023, parties have the opportunity to rely on arbitrators in most of the phases of the dispute.

Such aspects together with the average length – one year – of arbitration proceedings, the narrow limits to challenge the award (article 829 of the Italian ccp), and the immediate enforceability of the exequatur decree related to foreign award (article 839 of the Italian ccp) definitely make Italy much more arbitration friendly as it becomes a jurisdiction more attractive for international businesses and a more favorable seat for arbitration proceedings.

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About court

Tomas Brundza

Olga Nickole Kuyan