EMERGENCY ARBITRATION: AN EMERGING PARADIGM IN DISPUTE RESOLUTION CHALLENGING TRADITIONAL MECHANISMS

Abstract

Global partnerships aimed at fostering sustainable development emphasize critical areas such as finance, technology, trade, and data to enhance the “ease of doing business.” The 2024’s SDG Progress Report issued by the United Nations Department of Economic and Social Affairs highlights that only 17% of Sustainable Development Goals (SDGs) are on track for achievement. SDG 17 underscores the need to strengthen implementation mechanisms and revitalize global partnerships to achieve SDGs. In an era of accelerated globalization, the rapid growth of commercial activities has pushed businesses to expand beyond geographical and cultural boundaries, introducing complex challenges. The resolution of disputes in this interconnected world has gained significant importance, as conflicts can affect not only the parties involved but also the broader global ecosystem. International arbitration places party autonomy at its core, underscoring its critical role in managing disputes effectively. This dispute resolution framework significantly influences both India’s economic dynamics and global perceptions regarding the country’s business environment. India has demonstrated notable progress, improving its ranking in the World Bank’s Ease of Doing Business report from 142^nd out of 190 countries in 2014 to 63^rd in 2019. This article examines the evolution, advantages, and challenges of emergency arbitration while delving into its emerging framework in India. Ultimately, it aspires to position India as a global hub for arbitration. As globalization intensifies, the need for efficient and robust dispute resolution mechanisms like arbitration becomes ever more urgent.