The Arbitration Foundation of South Africa hosted a three-day Johannesburg Arbitration Week summit in Sandton from April 9 – 11.
The informative convention hosted a selection of pivotal stakeholders involved with trade investment, and energy – while examining the roles of governments and legal practitioners in circumnavigating the new landscapes availed through the country’s participation in Brazil, Russia, India, China and South Africa (BRICS) emergent global economy.
Delegates, panelists and speakers delivered talks on a variety of topics expounding on how ready the arbitration centres established around the world are to support BRICS development by providing healthy environments designed to process the settlement of disputes.
Dispute resolution attorney Jackwell Feris explained arbitration, and the significance of Sandton being the natural destination for a summit exhibiting BRICS stakeholders’ preparedness to resolve disputes.
Feris defined arbitration as a consensual means of resolving disputes between disagreeing parties over matters which can be resolved out of court.
“The decision of the arbitrator is final and binding,” Feris said. “Sandton is the heartbeat of Johannesburg and South Africa from an economic perspective, so Sandton plays a major role from a services perspective – both financial and legal services. Most of the biggest firms have their head offices in South Africa – here in Sandton.”
The first two sessions on Thursday 11 focused on where the Silk BRICS Road leads; as well as unpacking resolutions by BRICS from December 2023 from a legal perspective.
“In December 2023, there was BRICS Legal Forum, during which several resolutions were passed relating to the state party declaration in August last year,” Feris contextualised. “From the legal perspective, the focus was how we can assist the state parties to achieve that, and how we assist state parties in dealing with issues surrounding climate change, regulating the green economy; dealing with energy, and how BRICS countries – China and Russia in particular – can potentially help South Africa and Africa from an investment perspective in energy projects.”
Among the topics discussed by guests during the convention were how BRICS countries and businesses can support African businesses through South African businesses in terms of investing in infrastructure like ports, roads, and other infrastructure we require from an investment and trade perspective.
“From a trade perspective, we see how we can liberalise certain standards and requirements inter-BRICS, and also the controversial payment system; in terms of whether BRICS countries should use an alternative system of making payments for goods and services. The other big one is what we’re talking about today: dispute settlements. Where there is trade and investment, there has to be a means to resolve those disputes – whether through mediation or arbitration. One of the other resolutions was the establishment of different centres within BRICS jurisdictions to resolve disputes between parties, whether by arbitration or other means.”
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