Toronto is beginning to win recognition as an attractive venue for international commercial arbitration.
A recent report in the Financial Post, says that arbitration is a $256.3-million boost to the city economy in 2012. The article cites a study commissioned by Arbitration Place and conducted by Charles River Associates which found that this number is expected to grow by about 6.6% in 2013. The study found that about 14% of the arbitrations conducted in the city were international disputes, but the economic activity generated by the typical international case – mainly fees charged by arbitrators, lawyers and expert witnesses – was about five times the amount generated by a domestic arbitration.
An article in the Global Arbitration Review published in September also mentions the same study, as well as a 2010 World Bank study, Investing Across Borders, which ranks Canada fifth out of 87 countries for its framework for arbitrating commercial disputes, based strength of laws, ease of process and extent of judicial assistance. Canada ranks just behind Singapore, France and the UK and ahead of the United States as a leading arbitration venue.