It's time to create an interstate arbitration court, which will help use effective tools of dispute resolution. The President of the Russian Union of Industrialists and Entrepreneurs Alexander Shokhin said at the 1st Eurasian Economic Forum.
According to him, there is an initiative to create such an institution within the framework of the International Arbitration Union. The dispute resolution bodies of the World Trade Organization are blocked by the U.S. side. Therefore, they actually do not consider trade disputes.
"Therefore we are looking for alternative dispute resolution mechanisms. For obvious reasons, we can't turn to Stockholm arbitration, the arbitration of the Chamber of Commerce, but we need dispute resolution mechanisms. Therefore, we initiated creation of independent arbitration centers," Alexander Shokhin said.
