21 Introduction In today’s developed global markets, international arbitration plays a crucial role in resolving complex commercial disputes efficiently and in a relatively short period. This publication highlights Israel’s recent enactment of the International Commercial Arbitration Law 2024, a transformative process aligning Israel’s arbitration framework with global standards, including principles under the UNCITRAL Model Law and the New York Convention. In Israel, the Arbitration Law of 1968 primarily established the framework for arbitration, whether local or international. However, the 1968 Law has become outdated and does not suit the specific characteristics of current international arbitration proceedings. The International Commercial Arbitration Law 2024 (the “New Law”) enhances legal clarity, promotes efficiency, and will result in the reduction of costs of cross-border disputes, positioning Israel as a credible and attractive jurisdiction for international arbitration. By fostering a business-friendly environment, the New Law aims to support international commerce, offering a streamlined, confidential, and reliable mechanism for dispute resolutions. Significant Provisions of the New Law International arbitration under the New Law is defined (i) the parties’ operations are located in different jurisdictions, or (ii) the arbitration venue, the significant Israel’s International Commercial Arbitration Law 2024: A New Era for Global Dispute Resolution Yossi Ben-Dror Founding Partner, Y.Ben-Dror Law Firm
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