What is the most common method to resolve international trade disputes?

The most common method to resolve international trade disputes is through arbitration. This involves both sides in a trade dispute coming to an agreement and then submitting the dispute to a third party to hear the evidence and render an opinion or award. This third party is usually a panel of experts, often from different countries, who are knowledgeable about international trade law. The award binds the parties to the agreement and can be enforced through the court system in North Carolina and other U.S. states. Arbitration is beneficial because it is a confidential process, allowing for discretion while also making a binding decision that is enforceable by law. This process is also expedient and more cost-effective than litigating in court. Parties also have a choice in selecting their arbitrators based on their industry knowledge and expertise. Because of its advantages, arbitration has become the leading form of dispute resolution for international trade disputes. North Carolina has enacted laws that support arbitration, which help ensure that parties to an international trade dispute can resolve their issues quickly and without lengthy litigation. This helps ensure that businesses within North Carolina and throughout the United States can continue to operate without disruption caused by international trade disputes.

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What is the most common method to resolve international trade disputes?

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