Arbitration is currently a global phenomenon. It has gained popularity among the international commercial community the world over. The significance of the study of commercial arbitration, especially international commercial arbitration, lies in the fact that in the contemporary world of changing economic dimensions, it has become an indispensable mechanism for consensually dealing with international disputes. Beyond its practical importance, international arbitration is worthy of attention because it involves a framework of international rules and institutions. This, with remarkable success, provides a fair, neutral, expert and efficient means for resolving difficult transactional problems. These rules have evolved over time through the joint efforts of national governments and international institutions.

However, arbitration is increasingly faced with complexities of parties and disputes originating from different countries and legal traditions. The laws applicable in these various jurisdictions may be less favourable towards arbitration, or even less flexible. How would the tribunals sitting in arbitration-friendly jurisdictions address the legal differences? There is anxiety among the world's different legal systems across countries that make it relatively easy to arbitrate unhindered by stringent regulatory framework and oversight by the national law.

Hence, the harmonisation of international commercial arbitration law and its procedure continues to gradually develop. There has already been a plethora of international conventions, treaties and agreements that have assisted in attempting to achieve harmonisation of arbitration law and practice. This has further helped shaping international commercial arbitration as the primary means for global businesses to resolve their disputes.