The Convention is designed to reduce the time and expense courts and businesses face when dealing with international jurisdictional issues and enforcement of foreign court decisions. The Convention requires courts to respect agreements regarding choice of courts made in business-to-business contracts.
Following the publication of the Explanatory Report on the Convention earlier this year, Mexico became the first State Party to the Convention on 26 September 2007 when it deposited its instrument of accession. One more ratification or accession will suffice to bring the Convention into force.
“The Convention should go a long way to reduce the workload of courts and the expense to businesses of long court battles over essentially procedural points,” said ICC Secretary General Guy Sebban. “That is why ICC has long been an active supporter of the Convention and is today calling on governments to act promptly to ratify the Convention.”