It is widely acknowledged that the effective functioning of commercial dispute resolution systems contributes significantly to global stability and prosperity. By providing predictability and reducing uncertainty, commercial courts foster sustainable economic development and inspire investor confidence, thereby promoting adherence to the rule of law worldwide.
Why Commercial Law?
Commercial law governs the intricate web of business activities and transactions, spanning both domestic and international work. Commercials courts play a pivotal role in resolving domestic and/or international disputes, ensuring the enforcement of contractual agreements and the protection of commercial interests.
Why Commercial Court?
However, the rise of international and transnationality combined with rapid commercial change, poses challenges to this stability. Commercial and business issues today cannot simply be addressed by jurisdictions acting alone, no single jurisdiction has a monopoly of wisdom on how best to solve these issues.
International collaboration and cooperation are to be welcomed for several reasons – the challenges facing commercial courts are similar to those facing all courts. They include cost and resource pressures, maintaining standards, managing complexity, adapting to the pace and nature of business and technological change, and how best to provide access to litigants who cannot afford representation.
Why SIFoCC?
The establishment of SIFoCC (Standing International Forum of Commercial Courts) reflects a commitment to addressing these challenges and promoting alternative dispute resolution mechanisms. By fostering collaboration among commercial courts worldwide, SIFoCC facilitates knowledge-sharing, enhances standards of practice, and ensures access to justice for litigants, particularly those who cannot afford representation.
Through this collective effort, commercial courts can make a more substantial contribution to upholding the rule of law and fostering stability and prosperity on a global scale. SIFoCC’s success demonstrates the potential for multilateral dialogue to overcome bilateral challenges, reinforcing the importance of international cooperation in addressing contemporary commercial complexities.