Identify the Dispute Resolution Mechanisms/Bodies in International Business

Topics: Economics, Economy, Arbitration Pages: 10 (3102 words) Published: March 1, 2013
Regent’s Business School
International Law

Report topic:
Identify the dispute resolution mechanisms/bodies in international business, and show how their rules and principles have contributed to promoting/stabilising international business.

Student: Ruslan Aymalov

Tutor: Majeks Walker

Word count: 2977

Date: 15st December 2012

Nowadays the international commercial arbitration is demanded because it delivers advantages neutral in political and procedural sense of body for settlement of dispute. The arbitration is registered as a universal method of permission of the international economic disputes. Its value thoroughly raised just during the period when international trade started developing. Any country without addiction is interested in development of arbitral proceeding. It is necessary to notice that it is defined by numerous advantages of the arbitration court which are rather in detail described in special literature which is devoted to arbitration legal proceedings, and are approved in jurisdictional practice of many states. It is expedient to note that among conventional pluses of the developed system of arbitration legal proceedings, that fact that load of the state courts is essentially diminished takes not the last place, and also at the expense of a smaller formalism in procedures process of permission of collisions that is extremely important for a commercial turn is accelerated. The increase in popularity of the international commercial arbitration is connected with considerable benefits and advantages, which in the similar way of consideration and settlement of disputes gives to the parties of the external economic transactions. Let's note that speech mainly goes about much more active role of the parties in the procedure of arbitration legal proceedings: a) the parties have the right to appoint arbitrators, thereby submitting dispute to persons who, according to the parties, are most competent in the field; b) the absolute number of standards of the national legal systems regulating arbitration, has the dispositive character allowing the parties to replace rules containing in its norms of arbitration.

Objectivity of process of internationalization of modern world economy causes of the newest level of multilateral economic relationship, namely the strengthened basis of infrastructures, which provide dynamic and forward development of the market. It is expedient to note that at the moment the world economy the increasing part wins lines of a uniform organism outside which cannot any state with market economy is ordinary to work. The governments of the various states accept different criteria for regulation of international trade and functioning of foreign firms in the market of own countries. Expediency of state regulation of foreign economic activity is identified in the economic concept and certified by practice of managing of industrially developed and latest industrial states. State regulation of foreign trade activities is extensively used in the world. It plays a role of system of measures of the legislative, executive and supervising character in circumstances of a market economy, requested to improve foreign trade activities in interest of national economy. The real measures are implemented competent public institutions and public organizations. Function of state regulation, mainly, finds development of concepts of foreign trade activities. The strategy is a joint plan of production of the external economic sphere of action, connecting finding of the purposes of development, tasks, the directions of achievement of results and effectiveness of the specified sphere. Development of the doctrine includes attribute of the external economic policy for the present period of development taking into account characteristic conditions of internal development, and also the international economic environment. Internal and...
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