Insights from IAC Eurasia Arbitration Week 2024: Exploring Law in Eurasia
The Astana International Financial Centre (AIFC) International Arbitration Centre (IAC) kicked off the Eurasia Arbitration Week 2024 (EAW24) on March 5 with a session titled Arbitration in Eurasia – Regional Perspectives. The session, moderated by IAC Chairman Thomas Krümmel, brought together distinguished figures and experts to explore the diverse landscape of arbitration in the region, shedding light on regional perspectives and challenges.
Dr. Ilia Rachkov, a partner at Nektorov, Saveliev and Partners in Russia, shared insights on the growing trend of establishing local arbitration institutions within individual countries. He highlighted the link between accessibility and local arbitration services, pointing out that dissatisfaction with litigation often leads to the creation of arbitration institutions. Dr. Rachkov emphasized the advantages of arbitration, such as quicker and more cost-effective dispute resolution compared to traditional litigation.
Discussing the confidentiality aspect of arbitration, Dr. Rachkov underscored its importance for businesses seeking discreet conflict resolution without public scrutiny. He stressed the significance of arbitration’s confidentiality feature in preserving the privacy of disputing parties and shielding them from external criticism or misinterpretation.
Turning to the IAC in Kazakhstan, Dr. Rachkov emphasized its unique advantages, including streamlined distribution functions and the ability for parties to select their arbitrators. He highlighted the importance of trust in the arbitration process, emphasizing the need for arbitrators to uphold principles of independence and impartiality.
Addressing gender equality, Dr. Rachkov noted the region’s lack of significant challenges in this area, highlighting the historical precedence of gender equality in the former Soviet Union. He acknowledged the active participation of women in various legal roles and arbitration. IAC Chairman Thomas Krümmel added that 75% of arbitrators in their cases were female.
The conversation extended to regional specificities and challenges faced by arbitrators in the Eurasian context. Alexander Korobeinikov, a partner at Baker McKenzie in Kazakhstan, emphasized the historical significance of arbitration in Kazakhstan and the importance of impartiality in the process. He praised Kazakhstan’s openness to foreign legal systems, particularly English law, for dispute resolution.
Korobeinikov also discussed the role of the AIFC in promoting arbitration in Kazakhstan and the broader Eurasian region, highlighting its world-class infrastructure and legal framework. He touched upon the use of artificial intelligence (AI) in arbitration and legal proceedings, noting its potential to enhance efficiency and effectiveness while raising ethical considerations.
The panel also featured perspectives from Ais Lidzhanova, a partner at TA Advisory in the United Arab Emirates, and Linda Landén, a partner at Sandart in Sweden, who shared their experiences working in arbitration centers in Dubai and Stockholm. Their insights highlighted the diverse regional dynamics shaping arbitration practices and lessons that the Eurasian region can learn from international arbitration hubs.
In conclusion, the IAC Eurasia Arbitration Week 2024 provided a platform for robust dialogue and insights into the evolving arbitration landscape in the Eurasian region. As arbitration gains prominence as a preferred method of dispute resolution, forums like EAW24 play a vital role in fostering collaboration, knowledge sharing, and advancing best practices across borders.
Corporations and investors have identified the AIFC Court and IAC as their preferred choice for international commercial dispute resolution in Eurasia. With over 2,459 cases completed and enforced, involving investors from 27 countries, the AIFC Court and IAC have handled various disputes, including contracts, companies, property, construction, and employment matters. The AIFC’s role in promoting arbitration in the region, along with its utilization of AI in legal proceedings, demonstrates its commitment to enhancing efficiency and credibility in the arbitration process.
