2 - One Belt, One Road, One Clause for Dispute Resolution?

Summary

It examines the dispute solution options the contracting parties have when their cross-border transaction turns sour. The traditional answer is that international arbitration is the best option to govern cross-border disputes. Yet recent trends have improved the enforceability of foreign judgments. This chapter argues that the foreign judgment is catching up with the foreign arbitral award in terms of enforceability. After introducing the consistent enforceability of foreign judgments in common law countries, it highlights a number of contemporary trends that are gradually improving the enforceability of foreign judgments in civil law countries. In the end, it discusses the fledgling potential of the 2005 Hague Convention on Choice of Court Agreements to standardise the law and practice of enforcement of judgments made by designated courts in exclusive choice of court agreements.