International Commercial Arbitration System

The rapid development of international trade makes the world economy closely linked, the result is that the international trades highly dependent each other and the world has become a 'global village' . However, as an independent sovereign state, history, culture, social system, legal provisions are vastly different and the conflict of laws seriously hinders the healthy development of international trade. At that time, as a solution to the major international commercial disputes, international commercial arbitration has been universally accepted for its unique advantages. Based on contractual and judicial natures of arbitration the fairness and efficiency become the double value targets of arbitration system. There are five parts of the study of international commercial arbitration system. Part one introduces the concept and basic attributes of arbitration system and highlights a number of specificity of international commercial arbitration system. Two objectives pursued by arbitration system are both driving force and source for the development and existence of the arbitration system, so the system must also be designed around them. The second part researches the arbitration agreement .Through comparing Britain, Germany and Chinese provisions in this connection the paper notes the different provisions and deficiencies that exist in our legislation and hope to learn and improve. Part III deals with the qualifications and selection of international commercial arbitrators, weighing the pros and cons involved in party autonomy and the court and putting forward my rationalization proposals. Part IV deals with the application of international commercial arbitration laws. Through comparing and analyzing the different provisions of several countries the paper discusses our progress in this new area. The fifth part deals with the assistance and supervision of the Arbitration Court, evaluating the advantages and shortcomings of our legislation in this aspect and bringing up my proposals. Promulgating CIETAC< arbitration rules > (2005) in 2005 significantly advances our legislative reforms of foreign commercial arbitration and contributes to China's integration with the international arbitration system. Through the study of value targets of international commercial arbitration system, the author analyzes and compares the advantages and disadvantages of different laws and regulations, hoping to draw some more optimization proposals and ideas.