the role of arbitration clauses in risk minimisation when

© Copyright 2015 by K&L Gates LLP. All rights reserved.

The Role of Arbitration Clauses in Risk Minimisation when Investing in Africa

International Arbitration Webinar Series 23 September 2015

Ian Meredith, Partner, Coordinator International Arbitration Practice Group, K&L Gates LLP

Babatunde Fagbohunlu SAN, Partner, Aluko & Oyebode, Lagos, Nigeria

Prof. Dr. Mohamed Abdel Wahab, Partner and Head of the International Arbitration and Project Finance Groups, Zuificar & Partners, Cairo, Egypt

Des Williams, Director, Werksmans Attorneys, Johannesburg, South Africa

WELCOME Ian Meredith, Partner, Coordinator

International Arbitration Practice Group, K&L Gates LLP

RISK MANAGEMENT IN WEST AFRICAN INVESTMENTS: THE ROLE OF ARBITRATION

AGREEMENTS Babatunde Fagbohunlu SAN, Partner, Aluko & Oyebode, Lagos, Nigeria

Countries:

o Nigeria o Ghana o Cote d’Ivoire

Economic Overview

Legal Landscape and Risk Management

Outline

3

Population: 173 million (47% of West Africa)

Africa’s biggest oil exporter

Power sector reforms

Divestments by IOCs from risky onshore assets

Significant project finance and M&A activity

Nigeria Economic Overview

4

Ghana Economic Overview

Population: 26.4 million

Significant industries: oil and gas, mining and agriculture

Net FDI inflow 2013 – US$3.2 billion

5

Cote d’Ivoire Economic Overview

Population: 23.2 million

Significant industries: oil and gas, agriculture and manufacturing

Net FDI inflow 2013 – US$371 million

6

Project Finance in Africa

NGA: USD 18 bn

GHA: USD 11 bn

ZAF: USD 10 bn

Sub-Saharan Africa Deal Volume 2003 to 2013, USD bn

USD 0 bn

USD 1- 9 bn

>USD 9 bn

• 21 SSA countries had one or more project finance deals in the last 10 years.

• Top countries were Nigeria (USD 17 billion), Ghana (USD South Africa (USD 10 Angola (USD 4 billion)

11 billion), billion) and

• These 4 countries top league tables thanks to

the regional a few jumbo

transactions (for example: Jubilee oil field in Ghana)

• These 4 countries accounted for 70% of Sub-Saharan Africa’s total.

Source: World Bank (http://www.imf.org/external/np/seminars/eng/2014/CMR/pdf/Dornel_ENG.pdf) 7

http://www.imf.org/external/np/seminars/eng/2014/CMR/pdf/Dornel_ENG.pdf

Project Finance in Africa – Top 10 Countries

Country No. of Projects Deal Size ($M)

South Africa 30 9,039

Nigeria 8 7,477

Kenya 8 1,157

Ivory Coast 3 996

Uganda 1 867

Mozambique 3 835

Ghana 2 498

Tanzania 1 340

Angola 1 250

Cameroon 2 203

Total 59 21,662

Country

No. of Projects

Deal Size ($M)

Nigeria 28 17,793 Ghana 14 10,925 South Africa 45 9,928 Angola 8 4,460 Madagascar 1 2,100 Zambia 7 2,047 Gabon 6 2,018 Ivory Coast 8 1,399 Kenya 9 1,357 Mozambique 4 1,327 Total 130 53,354



• Extractive industries (Oil & Gas, and mining) account for 64% (USD 37 billion) of Sub-Saharan Africa’s project finance volume.

• Worldwide, extractive industries account for 36% of the total project finance market, almost half the share of Africa.

• The extractive industries’ disproportionate share of Sub- Saharan Africa’s project finance market highlight the region’s infrastructure gap discussed earlier.

• On average over the 2003-2013 period, infrastructure finance represented only billion, versus potential of billion per year.

project USD 1 USD 12

Africa Project Finance Deal by Sector (2003-2013, USD $bn)

Industrials, $2, 4%

PPP, $1, 1%

Telecom, $9, 15% Mining, $10,

17%

Power, $10, 17%

Oil & Gas, $27, 46%

World Project Finance Deal by Sector (2003-2013, USD $bn)

Leisure & Property, $57,

3%

Industrials, $209, 10% Telecom, $74,

4% Oil & Gas, $399, 19%

Mining , $165, 8%

Roads & Transportation,

$450, 22%

Power, $565, 28%

PPP, $132, 6%

Project Finance Sectors



Project Finance in WAEMU •

•

•

14 transactions closed over 2003-2013 totaling USD 2.7 billion: 4% of Africa project finance volume.

Extractive industries: USD 1.7 billion (63%) Infrastructure: USD 1.0 billion (37%)

Year Country Project Name Sector Project debt ($m) 2004 Mali Loulo gold mine Mining 82 2005 Burkina Faso Youga gold mine Mining 34 2005 Cote d'Ivoire Baobab CI-40 oil field Oil&Gas 80 2006 Cote d'Ivoire Mana gold mine Mining 20 2007 Senegal Blaise Diagne airport Transport 493 2008 Cote d'Ivoire Afren oil & gas acquisition Oil&Gas 205 2008 Senegal Sabodala gold mine Mining 130 2010 Cote d'Ivoire Baobab oli field Oil&Gas 207 2010 Senegal Dakar Diamniadio toll road Transport 132 2012 Cote d'Ivoire Azito IPP expansion Power 450 2012 Cote d'Ivoire IHS tower acquisition Telecom 100 2013 Cote d'Ivoire Ciprel IPP Power 331 2013 Cote d'Ivoire SECI CI-27 gas field expansion Oil&Gas 200 2013 Senegal Sendou IPP Power 206 Total 14 Projects 2,670



Economic Outlook

FDI activity is in sectors where contracting parties typically choose arbitration:

o Extractive industries: contracts between Governments and IOCs (i.e. OPL, OML); State Enterprises and Contractors (i.e. JOA, PSC), Intra-IOC’s (i.e. Farm Out, Unitisation,); IOCs and service contractors; LNG Sales/Offtake contracts,

11

Economic Outlook

FDI Activity (cont’d):

o Infrastructure & Construction projects: FIDIC, JCT Contracts, etc.

o Transportation: Shipping, Railway and Aviation – Charter party/Bill of lading, Lease, (wet/dry),

o Finance and private equity: ISDA, Shareholders Agreement,

o Telecommunications and Information Technology

12

Legal Framework

Anglophone West-Africa (Nigeria, Ghana, Gambia, Sierra Leone, Liberia): • Common law heritage

• Arbitration legislation largely modelled on the UNCITRAL Model Law and New York Convention

• Permit Institutional or ad hoc Arbitration at parties’ choice

Francophone West –Africa • Dual system • OHADA System (the Common Court of Justice and Arbitration)

• Non-OHADA (ad hoc or institutional)

13

A large number of international arbitrations will continue to be seated outside Africa

o Free choice of non-African venues o Recent controversies which impact free choice (Local Content and transfer of

technology legislation in Nigeria)

o Many investment arbitrations will be held under ICSID provisions

o BITs

o In absence of BITs, investment statutes provide for ICSID arbitration

• Nigerian Investment Promotion Commission Act • Ghana

Legal Framework: Choice of Seat

14

Legal Framework: Choice of Seat

Bargaining Power/Limitations on Contractual Freedom: o Nigeria - Practice in PSC contracting (Model Agreements)

o Increasing competitiveness of bidding rounds/entry of China/Korea into

African markets

15

POSITIVE OUTLOOK

Legal Reform/Institution

Developments Pro – Arbitration

Judicial Decisions BITS/ICSID

Arbitration in Africa

16

Legal/Institutional Framework

Laws (UNCITRAL Model Law and New York Convention)

o Judicial support (enforcement of arbitration agreements; support for process; enforcement of awards)

o Limited judicial intervention

o Arbitrator’s jurisdiction to determine jurisdiction

o Finality – degree of review

Institutions

17

Africa - A Decade After New York Convention

18

Africa - New York Convention in 2013

19

West Africa – Arbitration Institutions

21

http://lagosarbitration.org/

http://www.google.com.ng/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0CAcQjRxqFQoTCIzDz8Pp9scCFSqd2wodFBAPQQ&url=http://www.internationalarbitrationlaw.com/arbitral-institutions/ohada/&psig=AFQjCNGfcOO77AqjIBrU34fzf_7_Z4_RPg&ust=1442330366941822

Judicial Support

Arbitration Agreements

Arbitral Process

Enforcement of Awards

22

Issues Arising: Courts and the Arbitral Process

Interference in arbitration proceedings

Nigeria – injunctions against arbitral proceedings, proceedings delayed by interim challenge in court

Ghana – “matters of national or public interest” or which “relate to the environment” may be inarbitrable

23

Issues Arising: Mandatory Law/Policy

Scope of what is arbitrable o Tax disputes

o Environmental issues

24

Issues Arising: Mandatory Law/Policy

Local content requirements

o Nigeria Oil and Gas Industry Content Development Act

Professional Regulation

o Legal Practitioners Act o Recent Tribunal Decision on Legal Representation o Impact on Legal representation

25

Improving the Outlook

Political, legal and institutional reform

Nigeria Ghana Cote d’Ivoire

Role of international arbitration institutions

LCIA, LCIA-MIAC, AALCO, ICC, UNCITRAL, OHADA

26

FOREIGN DIRECT INVESTMENT AND INTERNATIONAL ARBITRATION IN THE MENA REGION: PROSPECTS,

CHALLENGES AND RISKS Prof. Dr. Mohamed Abdel Wahab, Partner and Head of the International Arbitration and

Project Finance Groups, Zuificar & Partners, Cairo, Egypt

K&L Gates Webinar - 23 September 2015

Foreign Direct Investment and International Arbitration in the MENA

Region: Prospects, Challenges and Risks

Prof. Dr. Mohamed S. Abdel Wahab

Founding Partner and Head of the International Arbitration, Zulficar & Partners (Cairo) Chair of Private International Law and Professor of Dispute Resolution, Cairo University

Vice-President, ICC International Court of Arbitration, Member of the Court of Arbitration, LCIA, Vice-President, LCIA – Arab Users Council,

Member of the Advisory Committee, CRCICA, Vice-President, Chartered Institute of Arbitrators (Egypt Branch).

28 © Prof. Dr. Mohamed S. Abdel Wahab

Outline I. Legal Culture, Investment Trends, and

Dispute Resolution Landscape.

II. Arbitral Institutions.

III.Sectors of Interest and FDI Trends.

IV.Concluding Remarks: Prospects,

challenges and Risks.


Africa: A Snapshot.

The Legal Culture.

The Dispute Resolution Landscape.

Judicial Trends and Arbitration.

30

I. Culture, Investment, and Dispute Resolution

© Prof. Dr. Mohamed S. Abdel Wahab

The recorded history of early civilization arose in Egypt, and Nubia, the Sahel (covers parts of (from west to east) the Gambia, Senegal, southern Mauritania, central Mali, Burkina Faso, southern Algeria and Niger, northern Nigeria and Cameroon, central Chad, southern Sudan, northern South Sudan and northern Eritrea), the Maghreb the Horn of Africa, and South Africa. The Homo Erectus is said to have originated in Africa.

Some anthropological studies consistently established that ancient Egyptians were originally Africans and overtime gained biological affinities towards Middle Eastern and southern European populations.

31

Africa - Continental Snapshot


Africa is now composed of 55 Sovereign States (54 members of the African Union to the exclusion of Morocco), with more than 1 billion inhabitants. Legal systems in Africa are a diverse mix of common, civil, customary and religious law. There are over 700 (known) languages, and working languages include: English, French, Portuguese, and Arabic. Africa has experienced high and continuous economic growth in the past decade. The average annual real growth rate: 1980-1989 1.8% 1990-1999 2.6% 2000-2010 5.3%

(UNCTAD Report 2014 “Catalyzing investment for Transformative Growth in Africa)

32

Africa - Continental Snapshot


Legal Culture

The dominance of civil law systems and far-

reaching influence of Egyptian law. The interplay between civil law background,

common law practice, and Islamic Shari’a principles.


Throughout the MENA region, disputes are on the rise and there has been an increase of the number of arbitration and mediation proceedings. More dispute resolution institutions and

centers are being established. The number of BITs (IIAs) has also increased. Greater reluctance to resort to State courts for

cross border disputes.

34

The Dispute Resolution Landscape


Two North African States have arbitration laws modelled on the UNCITRAL Model Law: Tunisia (1993) and Egypt (1994).

Five North African States have ratified the New York Convention (Egypt, Tunisia, Algeria, Morocco, and Mauritania) – Libya and North Sudan did not yet join.

Six North African States have ratified the Washington ICSID Convention (Egypt, North Sudan, Tunisia, Algeria, Morocco, and Mauritania) – Libya did not yet join.

35



The most active African States in arbitration (in terms of known number of cases) are: Egypt, Mauritius, Nigeria, South Africa, Tunisia. African States concluded 828 known BITs, with the following 6 countries having concluded the highest number of BITs: (ICSID & UNCTAD Statistics)

Egypt (around 102-109 BITs) Morocco (around 63-67 BITs) Tunisia (around 54-59 BITs) South Africa (around 50 BITs) Algeria (around 42-47 BITs) Mauritius (around 38-41 BITs)

36



The total number of known treaty-based cases (1987-2013) reached 568 cases. About three-quarters of which were brought against developing and transition economies. The top 10 Respondent States (1987-2013) included 1 North African State (Egypt). In total and until 31 December 2014, ICSID had registered 497 cases, with 10% State Parties involved from the MENA region. In terms of economic sectors: the Oil, Gas & Mining sector topped the chart by 26%, followed by the energy and power sector with 14% of all registered cases.



• The Past Decade: Greater awareness of international

arbitration. Competition for arbitration-friendliness. Arbitration legislations and

enforcement/recognition challenges.

38

Judicial Trends and Arbitration


II. Arbitration Institutions • Institutional vs. Ad Hoc Arbitration. • Examples of institutions for MENA region

cases: ICC, LCIA, LCIA-DIFC & LCIA-MIAC,

CRCICA (UNCITRAL Rules Based), DIAC Other Centers (ADCAC, BCDR-AAA, Qatar

Arbitration Centre, Gulf Arbitration Centre, etc.) New Centers?


Some ICC & LCIA Statistics

40

ICC

2013

Sub-Saharan Africa cases involved parties from 29 nationalities and seats in 8 countries in the region. African involvement increased by more than 85% in 14 years. In 2010, 70% of the seats of arbitration were in Europe, 14% in Asia/Pacific, 14.5% in the Americas, and 1.5% in Africa (compared to 0.5% ten years ago). In 2013, cases involving State and State owned entities (86 cases out of 767) 34% came from Africa (9% North Africa and 26% Sub-Saharan Africa).

LCIA

201

3 A total of 290 arbitrations were referred to the LCIA with around 12% involving African Parties (with Mauritius 1.8% and Nigeria 2% and South Africa 1.4%).


Source: http://crcica.org.eg/newsletters/nl032014/nl032014a001t.html

41

Some CRCICA Statistics


http://crcica.org.eg/newsletters/nl032014/nl032014a001t.html

Source: http://crcica.org.eg/newsletters/nl032014/nl032014a001t.html

42

Some CRCICA Statistics


http://crcica.org.eg/newsletters/nl032014/nl032014a001t.html

The number of cases registered with DIAC from 2007 to 2013

Source: http://www.diac.ae/idias/archiveevents/CASESTATIC/

© Zulficar&Partners 43

DIAC Statistics

http://www.diac.ae/idias/archiveevents/CASESTATIC/

• What, how, and where to choose? Freedom of choice by the parties. Costs of arbitration and facilities offered by the

arbitral institution. Certainty and comprehensiveness of the arbitration

rules. The impact of arbitration legislation on the choice

of the seat of arbitration. The flexibility of the enforcement and recognition

of arbitral awards. 44

II. Arbitration Institutions


III. Sectors of Interest & FDI Trends

• Oil & Gas; • Telecommunications; • Infrastructure; • Power; and • Finance and Financial services.


FDI inflows to the MENA region amounted to an average USD 45 billion in 2013. This represents a 52% decrease compared to 2008, which was a peak year for FDI in the region, with USD 93 billion.

46

Source: <http://www.oecd.org/mena/investment/Draft%20Note_FDI%20trends%20in%20MENA_Dec.%202014.pdf>

FDI inflows to MENA and other developing country regions, 2005-13.



http://www.oecd.org/mena/investment/Draft Note_FDI trends in MENA_Dec. 2014.pdf











The oil and gas, power and infrastructure sectors remain very attractive sectors for investments in the MENA region.

Since 2009, MENA economies have been exposed to repeated external and internal hits as a result of the global economic crisis and the so-called ‘Arab Spring’ (more likely ‘Arab Winter’). Indeed, in 2011, some MENA countries witnessed an average of 70% decrease in FDI inflows compared to 2010. Yemen, Egypt, Libya, and Tunisia, were significantly hit. Egypt experienced disinvestments exceeding USD 600 million between 2010 and 2011.



In 2013, amongst North African and Arab States, Egypt became been the 3rd largest FDI recipient, benefitting from 12% of total FDI inflows in the MENA region. Similarly, Morocco, Iraq and Kuwait experienced

important increases in FDI inflows. Morocco, for example, signed a PPP agreement with Renault group to build a second production line investing USD 542 million.



FDI inflows by MENA country destination (% of the total)

Source: UNCTAD FDI Database 49 © Prof. Dr. Mohamed S. Abdel Wahab


FDI inflows to selected MENA sub-regions (2005-2013) Arab Countries in Transition Gulf Cooperation Council (USD billion) (USD billion) Source: http://www.oecd.org/mena/investment/Draft%20Note_FDI%20trends%20in%20MENA_Dec.%202014.pdf














• Several Gulf Cooperation Council (‘GCC’) economies have injected substantial investments and project financing to several MENA region economies in transition, such as Egypt, Jordan, Morocco, Tunisia and Yemen.

• The UAE was the largest investor in the MENA region (surpassing the USA), with a total of USD 163 billion invested in 543 projects

Source: World Bank, 2013.



• FDI to the MENA region remain concentrated in a limited number of sectors. In 2013, coal, oil and natural gas (also referred to as ‘natural resource’ or ‘mining sector’) were the leading industries benefitting from FDI inflows.

• Between 2003 and 2012, the natural resource and non-tradable sectors (mainly real estate and construction) received nearly 50% more greenfield FDI flows than tradable non-resource manufacturing and commercial services, especially for countries like Egypt, Jordan and Libya.



Greenfield FDI inflows into Arab Countries in Transition by sector and source (% of total), 2003-2011.

Source: World Bank, 2012 (based on FDI Markets). 53 © Prof. Dr. Mohamed S. Abdel Wahab


• In contrast, ‘high quality’ FDI (i.e. FDI that creates employment and promotes transfer of technologies and managerial know-how to host economies) in non-oil tradable manufacturing and services, has decreased substantially, making of the MENA region one of the least integrated developing regions in global value chains.

• FDI in manufacturing accounted for just one fifth of all FDI inflows to the region.

Source: OECD, 2014 and World Bank, 2013.



In the MENA region the legal framework on Alternative Dispute Resolution (‘ADR’) is perceived as a moderate to minor obstacle to FDI. The Arbitrating and Mediating Disputes Perception Score (AMDPS) measures the average perception of contributors, based on a scale from 1 to 5, of the extent to which the legal framework on ADR is an obstacle to FDI. The highest scores indicate the regions where the obstacle is perceived as bigger. The score is 2.8 in MENA region. (FDI Regulations database, 2012)

There seems to be a direct relationship between FDI and AMDPS. Economies that score better on the AMDPS tend to facilitate the receipt of more FDI inflows.

55

Investment Trends & Dispute Resolution


IV. Prospects, Challenges and Risks

Prospects: It is clear that North Africa and the wider

MENA region are open for business with ample opportunities for ‘greenfield’, ‘brownfield’ and ‘high quality’ FDI in oil & gas, mining, infrastructure, telecommunications, power (including renewable energy) and financial services sectors.



Challenges & Risks:

Regional volatility. Uncertain investment and regulatory climate. Policy and legal uncertainty. Transparency and rule of law. Absence of conducive dispute resolution

environment and infrastructure.



Challenges & Risks:

Absence of affluent businesses’ and consumers’ markets, and sophisticated banking industry. Absence of world class physical infrastructure

and logistics facilities. Varied judicial approaches to ADR and

international arbitration. 58 © Prof. Dr. Mohamed S. Abdel Wahab

We wouldn’t be investing as much in the rest of Africa if we didn’t believe. Africa

will be the success story in the next decades … Africa is on the move and it is

moving forward.

(Julian Roberts, Group Chief Executive, Old Mutual, January 2014)


ARBITRATION IN SOUTH AFRICA Des Williams, Director, Werksmans Attorneys, Johannesburg, South Africa

SOUTH AFRICA – THE INVESTMENT LANDSCAPE

> Second largest economy in Africa (after Nigeria)

> Contributes about 25% of African GDP, 40% of its industrial output and 50% of its electricity supply.

> Ranked as an upper middle income economy by the World Bank.

> Population approximately 52million.

> 11 official languages.

> Broad Based Black Economic Empowerment (BBBEE) a key Government policy.

> Investment treaties are being replaced by controversial Promotion and Protection of Investment Bill.

61

SOUTH AFRICA – LEADER IN FDI PROJECTS

> In 2012 and 2013 South Africa received at least double the number of FDI projects of the second largest recipient.

Source – E&Y Attractiveness Survey – Africa 2014

62

SOUTH AFRICA AS AN INVESTOR IN AFRICA

> South Africa is the third largest investor in Africa (after the UK and US).


63

SOUTH AFRICA – AN ATTRACTIVE INVESTMENT DESTINATION


64

SOUTH AFRICA – INVESTMENT OPPORTUNITIES


65

ARBITRATION

Arbitration in South Africa

> is a popular method of commercial dispute resolution;

> enjoys strong court support;

> will soon be supported by the introduction of major new arbitration legislation.

66

KEY EVENTS FROM 1998 TO 2015

• Law Commission’s report in 1998 made three core proposals -

Introduction of the UNCITRAL Model Law .

Implementation of changes to legislation on the New York Convention.

Accession to the Washington Convention.

67

1998 TO 2015 (cont)

Progress was slow. Political issue was perception that arbitration was inimical to judicial transformation in post-apartheid South Africa.

Perception has now changed for the following reasons –

Strong court support from both Supreme Court of Appeal and Constitutional Court

Realisation that South Africa was losing ground to Mauritius and other centres as a regional arbitration centre.

Arbitration no longer seen as inimical to judicial transformation.

68

THE NEW INTERNATIONAL ARBITRATION ACT

Two of the Commission’s key proposals have been accepted, in

principle.

> Introduction of the UNCITRAL Model Law.

> Implementation of changes to legislation on New York

Convention.

Bilateral investment treaties have fallen out of favour. To be

replaced by new Promotion and Protection of Investment Act.

International Arbitration Act expected to be enacted in early

2016.

69

MAJOR ARBITRATION ORGANISATIONS

> Arbitration Foundation of Southern Africa (“AFSA”)

> Africa ADR, which is a domestic and regional arbitration organisation affiliated to AFSA.

> The Court of Arbitration of the International Chamber of Commerce (“ICC”).

> London Court of International Arbitration

Also note establishment of China-Africa Joint Arbitration Centre (“CAJAC”).

70

HOT SECTORS

> Mining

> IT/Telecoms

> Banking and finance

> General/commercial

71

SOUTH AFRICA AS A REGIONAL ARBITRATION CENTRE

> Introduction of new International Arbitration Act will stimulate development as regional arbitration centre. Main competition will continue to be Mauritius. South Africa has significant geographic and infrastructural advantages.

> Signs of increasing activity as regional arbitration centre. Examples, in our arbitration practice, include the following

Acting for Kamoto Copper (a DRC company) against Zhongji (A Chinese company) in litigation and arbitration proceedings in South Africa arising from termination of a construction contract in the DRC.

Representing the Namibian subsidiary of a UK mining group against the Namibian subsidiary of an Indian mining group in arbitration proceedings concerning rights under a prospecting agreement.

72

THE ARBITRATION CLAUSE

The most widely used standard arbitration clauses are –

AFSA

ICC

LCIA

Too early to say whether CAJAC arbitration clause will be widely used.

73

Standard clauses are all acceptable, but note the following –

AFSA rules provide for an appeal, if agreed. No appeal unless provided for in arbitration clause or subsequently agreed.

Clause should provide for –

Seat of the arbitration.

The language to be used in the arbitration proceedings.

The governing law of the contract

Standard form multi-tiered dispute resolution clauses (eg, FIDIC) widely used, particularly in construction and engineering contracts.

74

CONCLUSION

> South Africa very well placed to develop as the major Southern African regional arbitration centre.

> Climate has changed. Political hesitation has given way to strong support.

> China increasingly important. Strong Chinese support for resolution of commercial disputes through regional organisations. Most recent example is CAJAC.

75

WEBINAR Q&A

THANK YOU Please join us for additional webinars in the K&L Gates International Arbitration Webinar Series.

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the role of arbitration clauses in risk minimisation when

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