On 19 March 2015, the Members of the Hague Conference on Private International Law formally approved the Principles on Choice of Law in International Commercial Contracts. The Principles, which also comprise a comprehensive Commentary, were developed by the Working Group on the Choice of Law in International Contracts (chaired by Professor Daniel Girsberger, Switzerland) and unanimously approved by the Members of the Hague Conference.
The Principles affirm party autonomy as a basis for the choice of law in international contracts and they strengthen legal certainty and predictability in international commercial transactions. The Principles will thus be important to facilitating reform and harmonisation initiatives concerning the rules applicable to international trade.
For more information on the Principles, see HCCH | Choice of Law in International Contracts.