International arbitration developments and practice in Asia have not received the attention they deserve given the growth and increasing complexity of the field in that region during recent years. At the turn of the twenty-first century, international arbitration has flourished and prospered across Asia, and within its major constituent jurisdictions. The increasing importance of arbitration coincides with the growing cross-border investment in Asia. Investment continues to flow in from both Asian and Western economies. The capital inflow is accelerated by China's initiatives such as the Belt and Road Policy (“One Belt One Road”) and the Asian Infrastructure Investment Bank (AIIB). Our panel session surveyed and sought to shed light on the practice of international commercial as well as investment treaty arbitration, both of which are crucial dispute resolution vehicles to settle cross-border investment disputes. To try and cover this vast ground and keep the session engaging, a series of questions was quickly and successively posed to each panelist, who has expertise in international arbitration in one or more Asian jurisdictions, to highlight the little-known arbitration practice in her region and provide a cross-region comparative perspective.

Thank you very much, Gary. Thank you for inviting me today, Julie. I'm going to make four quick points—first of all, that the backlash has a certain sense of historical inevitability but it's fortunately very narrow in scope. Second, that it's not just against trade, which is the conventional wisdom. It's also against misplaced redistribution. Third, that if we are going to aim for more inclusive growth, in the sense that Oonagh spoke about, we need more, not less, globalization. And we also need more, not less, international cooperation, but it will need to take new innovative forms.

Let us understand what we are talking about. The standard investor-state dispute settlement (ISDS) system: Claimant appoints an arbitrator, Respondent appoints an arbitrator, and through various means there is an agreement or appointment of someone to chair the proceedings. This has been going on for years.