Final answer:
The common applications of arbitration in a business context are employment, consumer product, and contractual disputes, which are distinct from the types of cases handled by the International Court of Justice. The WTO focuses on areas like agriculture, services, and intellectual property, playing a key role in international dispute settlements tied to trade.
Step-by-step explanation:
The most common applications of arbitration in the business context, which do not include International Court of Justice (ICJ) cases, cover the following disputes: employment disputes, consumer product disputes, and contractual disputes. The ICJ typically handles cases involving disputes between countries, not the areas commonly associated with business arbitration. International business disputes might be resolved through arbitration; however, they are often related to international agreements, such as those managed by the World Trade Organization (WTO), which concerns topics like agriculture, services, intellectual property, competition, investment, environment, and dispute settlement.
The WTO is instrumental in managing dispute settlement processes, making the trading system more secure and predictable. The dispute settlement mechanism is a central pillar of the multilateral trading system and is critical to enforcing international trade rules. Private and employment disputes, in contrast, are more commonly addressed through business arbitration outside of such international institutions.