Topic Two: A Critical Assessment of International Business Law Harmonization Efforts
Significant efforts have been made to harmonize international business law. In terms of content, CISG helps harmonize conflicts between civil law and common law in contracts for international sale of goods. ICC publishes INCOTERMS® and UCP to facilitate international business transactions. In terms of instruments, conventions, model laws, and trade customs are all used to achieve harmonization. For example, the 1958 New York Convention ensures recognition and enforcement of non-domestic arbitral awards in its member states. PICC is an influential model law. Rule-making bodies, merchants/businesses, states, non- governmental organizations, governmental organizations all make efforts to harmonize international business law. Do you think these efforts are successful? What is your definition of success? What might be further improvements?