On 19 June as part of the 13th West Ukrainian Legal Forum organized by the Ukrainian Bar Association, Volodymyr Nahnybida, a Vice President of the ICAC at the Ukrainian Chamber of Commerce and Industry, presented at the session “International Arbitration in the Context of Global Challenges”. The discussion focused on the transformation of international arbitration under the influence of the current geopolitical and economic processes.
The speaker emphasized three key topics.
Global Trends in the Development of International Arbitration
Among the trends currently shaping the future of international arbitration, particularly arbitration in Ukraine, there are:
- increased collaboration among arbitration institutions worldwide and their transformation into centers for ADR solutions, encompassing not only arbitration proceedings but also negotiations, mediation, and preventive dispute resolution;
- the regionalization of arbitration and the strengthening of the role of regional centers (including the ICAC), which are actively developing their own unique expertise, competitive advantages, and specializations;
- the decentralization of investment arbitration and the growing role of mediation as a tool for resolving investment disputes;
- enhanced support for national arbitration institutions by governments;
- trust as a key factor of the competitiveness of arbitration centers.
Law No. 4856-IX: A New Stage in the Development of International Arbitration in Ukraine
Volodymyr Nahnybida paid particular attention to the significance of Law No. 4856-IX, which harmonized Ukrainian legislation with the provisions of the UNCITRAL Model Law on the Jurisdiction and Competence of International Arbitration.
The key outcome of these legislative changes is that Ukraine has been able to transition from being viewed solely as a party to investment disputes to a venue for resolving them.
According to the speaker, this opens up new opportunities for Ukraine’s development as a modern and competitive arbitration jurisdiction and legal services market.
An Ecosystem of Trust in Arbitration
Volodymyr Nahnybida also outlined the essential components for the sustainable development of arbitration, which have either already been implemented in Ukraine or are currently under way:
- consistent pro-arbitration practice by the Supreme Court;
- effective recognition and enforcement of arbitral awards;
- digitization of arbitration processes and quality of service;
- expertise and human capital;
- government policy aimed at supporting ADR, encouraging public sector to use arbitration, supporting national arbitration institutions, and promoting Ukraine as a seat for international arbitration.
In conclusion, Voldymyr emphasized that, amid increased competitiveness of arbitration jurisdictions, it is trust, institutional efficiency and favorable legal environment that determine a country’s ability to attract international disputes and develop its own arbitration capacity and legal market.
Підсумовуючи, спікер наголосив, що в умовах глобального активного розвитку арбітражних юрисдикцій саме довіра, ефективність діяльності інституцій та сприятливе правове середовище визначатимуть здатність країни залучати міжнародні спори та розвивати власний арбітражний потенціал та юридичний ринок.
