ICC’s flexible range of world-leading dispute resolution services are well suited to disputes that arise in relation to the Belt and Road development strategy, to promote economic co-operation along proposed Belt and Road routes.
The Belt and Road initiative aims to build connectivity and cooperation between China, the land-based Silk Road Economic Belt, and the 21st Century Maritime Silk Road.
The “Belt” refers to economic and overland transport links connecting China to Central Asia and Europe via six economic corridors, while the “Road” indicates a network of maritime routes connecting Asia, the Indian Ocean, the Middle East, Africa and Europe.
The Belt and Road initiative spans more than 70 countries, with an increasing number of non-Chinese investors, contractors and developers – including sovereign states – and more international contractors involved. As a recognised, world-leading provider of dispute resolution tools and services, ICC is well placed to handle Belt and Road disputes of any size and complexity.
A construction and infrastructure initiative on this scale will inevitably generate disputes. With an estimated US$900bn in projects planned or already underway, the project gives rise to a multitude of actual and potential disputes.
When it comes to resolving Belt and Road disputes, experience matters
On average, construction and engineering disputes account for close to a quarter of all ICC Arbitration cases, while the finance and insurance sectors account for another 20%.
As the world’s leading arbitral institution, ICC is adept at handling complex cases, including high-value, multi-party and multi-contract disputes. Approximately half of all cases filed with ICC involve three or more parties.
The introduction in 2017 of an expedited procedure enables lower-value cases to be handled faster and cheaper than ever before.
ICC Arbitration is a neutral and globally trusted way to effectively resolve disputes and deliver enforceable awards in virtually all belt and road countries, including China.
ICC Mediation can help parties reach an amicable settlement quickly and inexpensively, often with minimal damage to their overall relationship. For more information, see ICC Guidance on Mediation of Belt and Road Disputes.
“The belief that strong commercial relationships foster global peace is ICC’s founding mission and achieving more widespread prosperity in so doing was the ethos of ICC’s founding fathers a century ago. Today, ICC’s mediation services build trust through constructive dialogue and go a long way in helping to sustain commercial ties when disputes arise.” — Alex Fessas, Director, ICC Dispute Resolution Services
Additionally, ICC Mediation is a tried and tested method of resolving disputes consensually, using a neutral facilitator to reach a contractually binding settlement. Mediation is used in China and globally to broker mutually acceptable outcomes and preserve commercial relationships. It is particularly suitable for high-stakes, cross-border disputes of the type that Belt and Road may generate, without endangering the underlying project or parties’ relationships.
“As disputes become increasingly complex, parties can rely on the ICC International Centre for ADR’s expertise and quality of service in administering mediation cases. 2018 has been a record year for international commercial mediation at ICC. Mediation is slowly but surely finding its rightful place in the world of international dispute resolution.” — Alina Leoveanu, Manager, ICC International Centre for ADR