Rivalling ICJ
Listen to article
The establishment of the International Organisation for Mediation (IOMed) in Hong Kong last week marks a watershed in China's diplomatic ambitions. With 33 founding nations — including Pakistan, Indonesia, Belarus and Venezuela — and backing from 85 countries, the intergovernmental body is positioning itself as a rival to institutions such as the International Court of Justice (ICJ), which critics often accuse of having a Western bias.
However, while China touts IOMed as a "public good" for peaceful dispute resolution, it is undeniable that its formation coincides with an era of increasing global polarisation between Western nations and China, which has accelerated due to the aggressive policies and frequent U-turns of US President Donald Trump. In fact, some analysts have said that the new organisation is a direct attempt to capitalise on the global power vacuum created by Trump's isolationist policies.
In a telling cultural flex, Chinese Foreign Minister Wang Yi termed IOMed as a triumph of "Chinese wisdom" that transcends "zero-sum mentalities" through mediation. This, according to analysts, suggests that the focus will be on amicable solutions rather than straight 'win-lose' verdicts. The organisation will work like other international courts and tribunals, some of which already operate out of Hong Kong, as a forum for disputes between states, state-investor conflicts, and private international disputes.
However, the success of IOMed depends not on China and its allies, but the wider world. International courts can usually only arbitrate disputes between member states or companies and other entities that are subject to the laws of these states. IOMed will not be able to fully live up to its goals without widespread adoption, which is as much a political question as it is a legal one.
Keep in mind that BRI partners may be wary of arbitration on related projects at a Chinese-controlled venue. But if Beijing allows IOMed to be genuinely independent and can attract non-BRI countries, even without Western powers' involvement, the mediator could evolve into a legitimate alternative forum for international dispute settlement.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
Oil edges up as geopolitical concerns and weaker dollar support
LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 45 cents, or 0.7%, to $65.08 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was up 31 cents, or 0.5%, to $62.83. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If the nuclear talks fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for U.S. President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
Express Tribune
4 hours ago
- Express Tribune
Trump Proposes $1B for Private Sector to Lead Mars Exploration in NASA Budget
President Donald Trump has laid out an ambitious proposal in his 2026 budget that allocates $1 billion for Mars exploration. Under the initiative, dubbed the Commercial Mars Payload Services Program (CMPS), NASA would collaborate with private companies to develop key technologies for Mars missions. The proposal includes contracts for spacesuits, communication systems, and a human-rated landing vehicle. The plan marks a shift from traditional government-led space exploration, aligning closely with SpaceX's ambitions for Mars, as spearheaded by Elon Musk. The budget suggests a significant reduction in NASA's funding, including cuts to its science portfolio, with Trump emphasizing cost efficiency and the need for taxpayer stewardship. Critics of the plan, including lawmakers and former NASA officials, argue that the proposed cuts could hinder long-term goals. Despite this, the administration remains confident that the private sector can play a crucial role in achieving Mars exploration while reducing costs and risks. This bold proposal sets the stage for a new era of space exploration that blends government oversight with private sector innovation. President Trump said it himself: We're going to lead humanity into space and plant the American flag on MARS! — Rep. Mike Haridopolos (@RepHaridopolos) March 5, 2025
Business Recorder
5 hours ago
- Business Recorder
Oil inches up on geopolitical concerns and weaker dollar
LONDON: Oil prices ticked up on Tuesday supported by rising geopolitical tensions as Russia and Ukraine ramped up the war and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market had feared. Brent crude futures gained 43 cents, or 0.7%, to $65.06 a barrel by 0807 GMT. U.S. West Texas Intermediate crude was up 50 cents, or 0.8%, to $63.02. 'Risk premia have filtered back into the oil price following deep Ukraine strikes on Russia over the weekend,' said analyst Harry Tchilinguirian of Onyx Capital Group. 'But more importantly for the barrel count, there is the to and fro between the U.S. and Iran regarding uranium enrichment.' Oil leaps 4% after OPEC+ keeps output increase unchanged Ukraine and Russia at the weekend ramped up the war with one of the biggest drone battles of their conflict, a Russian highway bridge blown up over a passenger train and an attack on nuclear-capable bombers deep in Siberia. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If the nuclear talks Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Further support came from the weak dollar. The dollar index held near six-week lows as investors weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Adding to supply worries, wildfires burning in Canada's province of Alberta have affected more than 344,000 barrels per day of oil sands production, or about 7% of the country's overall crude output, according to Reuters calculations. Further price support could come if forecasts of a drop in U.S. crude inventories are realised in the latest round of weekly supply reports.
