Featured in GAR: Youssef calls for "COP-27 moment" for arbitration.
At the CRCICA Sharm El Sheikh VIII Conference, Karim A Youssef, CEO of Youssef & Partners (Youssef + Partners), delivered a keynote speech, entitled “Global arbitration in a de-globalized world: arbitration for difficult times.” In his speech, featured in GAR, Youssef called for a ‘COP-27 moment for arbitration’, a call for a renewed global commitment to invest in and strengthen the use of arbitration as a means of dispute resolution in a de-globalized world. He argued that the preservation of robust international arbitration systems is a matter of global public interest and called upon arbitration practitioners to accept the “sacred responsibility” of ensuring these systems remain functional.
Noting the growing trend of deglobalization, Youssef argued that this has brought to a head what Brigitte Stern called an “existential crisis” in investment arbitration. Youssef went on to argue that to preserve global arbitration and give it a “safe sail” into the future, it is crucial to understand its important role in resolving cross-border disputes. To do this, during his speech, Youssef outlined five predictions for the future of arbitration: the continued prevalence of commercial arbitration; the impact of technology on arbitration accelerated by pandemics; the rise of disputes over cryptocurrency and blockchain; and artificial intelligence (AI) will be commonplace and have an increased role in decision-making.
Prominent arbitration specialist Gary Born also made a surprise video intervention, stressing the significance of investment treaties and international arbitration in the 20th and 21st centuries.
“At this historical juncture, we cannot escape the fact that, as arbitration practitioners, we all have a sacred responsibility that lies on the divide between being private service providers and guardians of the international public interest built-in the necessity of a functional arbitration system.” – Karim A. Youssef
With this powerful call to action, Karim A Youssef presented a compelling argument on the importance of arbitration systems and has set the tone for a crucial moment of our times. As arbitration professionals, Youssef affirmed, we find ourselves standing “at a crossroads”. We each hold a “sacred responsibility” to safeguard both the private service providers and the global public interest in efficient arbitration systems.
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