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8 - Harmonization of Commercial Law Based on Common Law

The Role of International Commercial Courts

from Part II - Jurisdiction, Applicable Law and Enforcement of Judgments

Published online by Cambridge University Press:  14 April 2022

Stavros Brekoulakis
Affiliation:
Queen Mary University of London
Georgios Dimitropoulos
Affiliation:
Hamad Bin Khalifa University
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Summary

Exigencies of hyper-globalized, invariably transnational, trade have exerted immense pressure on the global legal infrastructure to produce a dispute resolution mechanism that attends to the needs of international commerce. In this chapter, it is argued that international commercial courts (ICommCs) possess structural features that allow them to fill in that lacuna. Furthermore, it is argued that ICommCs are predisposed to implement a new wave of harmonization of international commercial law, with English common law at the forefront of this effort. Harmonization of international commercial law is argued to be desirable both theoretically, but more importantly, from a practical standpoint of increasing efficiency. Through the perusal of the most recent and prominent examples of ICommCs, it is further posited that these courts, thanks to their jurisdictional reach, procedural laws, bench composition and judgment enforcement are substantially better positioned than domestic courts or arbitral tribunals to effect such harmonization.

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Chapter
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International Commercial Courts
The Future of Transnational Adjudication
, pp. 201 - 227
Publisher: Cambridge University Press
Print publication year: 2022

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