State-to-state arbitration offers some potential advantages as a dispute-resolution mechanism. These advantages are similar to those arbitration displays in other settings, having to do with specialization, procedural flexibility, speed, and confidentiality. The chapter examines some of the strengths and weaknesses of state-to-state arbitration. It also discusses the arbitrability of peremptory norms of international law (ius cogens), the interaction between arbitrators and the International Court of Justice in the lawmaking process, and the extent to which arbitration is likely to be avoided as a procedure to settle disputes among member states of a supranational organization.