Featured in GAR: Youssef calls for "COP-27 moment" for arbitration.
Karim A. Youssef Calls for a ‘COP-27 Moment’ to Strengthen Global Arbitration Systems
At the CRCICA1 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 GAR2, 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.
Preserving Global Arbitration: Youssef’s Call for a “Safe Sail” Into the Future
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.
FAQS
What is the significance of a ‘COP27 moment’?
The term ‘COP27 moment’ refers to a reference to the Conference of Parties (COP) events held under the United Nations Framework Convention on Climate Change (UNFCCC). It signifies the importance of a global gathering or event where crucial discussions and actions are taken towards a specific cause.
Why is Karim A Youssef emphasizing the need for a ‘COP27 moment for arbitration’?
Karim A Youssef believes that a concentrated effort on a global scale, similar to the impactful nature of the COP events, is necessary to address challenges and foster advancements in the field of arbitration.
What is Karim A Youssef calling for in relation to arbitration?
Karim A Youssef is calling for a ‘COP27 moment for arbitration’, which means a significant global gathering or event focused on addressing the challenges and advancing the field of arbitration.
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