The Regulatory Framework of International Arbitration
The Regulatory Framework of International Arbitration

Summary/Abstract: In the field of international arbitration, several international conventions have been adopted, establishing uniform rules of law in order to promote international arbitration and to facilitate the implementation of arbitral awards. International arbitration is also governed by various bilateral treaties, which contain provisions on international arbitration (eg bilateral investment treaties, investment protection agreements, trade and navigation treaties, etc.). Finally, useful international arbitration rules are contained in the International Commercial Arbitration Rules of the United Nations Commission on International Trade Law adopted by the UN General Assembly. In Romanian law, procedural aspects of international arbitration are regulated by the Code of Civil Procedure in Book VII (“The international arbitration process”), Title IV (“International arbitration and the effects of foreign arbitral awards”), Chapter I, which is dedicated exclusively to the international arbitration process and Chapter II, dealing with the regulation of the effects of foreign arbitral awards. All these regulations constitute a major advantage for the participants in international trade, which, together with other such advantages, makes them insert clauses for assigning the jurisdiction of the arbitration courts in the contracts that they conclude.

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