Cooperation of UNCITRAL and the International Chamber of Commerce: new possibilities for companies from the belt and road initiative for dispute resolution in trade finance

Abstract

This chapter aims to introduce the reader to the unique product of the International Chamber of Commerce (hereinafter referred to as the ICC) for dispute resolution in the area of trade finance, namely Documentary Instruments Dispute Resolution Expertise (hereinafter referred to as DOCDEX). It is argued here that whilst there have been several approaches made with regards to dispute resolution within the Belt and Road Initiative (hereinafter referred to as the BRI), DOCDEX represents another relatively unexplored, but nevertheless effective, option for international trade actors and banks in the area of trade finance, which can offer substantial benefits to the commercial parties and banks participating in the BRI. The chapter commences with an overview of the history of cooperation between the United Nations Commission on International Trade Law (hereinafter referred to as UNCITRAL) and the ICC before discussing the functioning of DOCDEX and the scope the ICC Rules for Documentary Instruments Dispute Resolution Expertise (hereinafter referred to as the DOCDEX Rules). Significant attention is dedicated to the benefits of the DOCDEX system and its limitations. Lastly, an analysis of how a DOCDEX Decision can be used in practice is made