Inshakova A.O. The Legal Mechanisms of Influence of the International Commercial Arbitration on the Formation of Favorable Investment Image of State

Inshakova Agnessa Olegovna

Doctor of Juridical Sciences, Professor, Head of the Department of Civil and International Private Law, Volgograd State University, Base Department of Southern Scientific Center of the Russian Academy of Sciences (SSC RAS)

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Prosp. Universitetsky, 100, 400062 Volgograd, Russian Federation

Abstract. The issues raised in the article are based on the fact that the modern role of international commercial arbitrations in the international law can not be reduced to a simple resolution of disputes between the parties of foreign trade contracts. The functioning of international commercial arbitrations has not only tangible results in the form of decisions and interpretations of law norms, but also affects the formation of the business image of a country. It is proved that a reputable, qualified arbitration forms a respectable appearance of the state in the international business environment, strengthens its reputation, which in turn leads to the stabilization of economy through the creation of favorable investment climate. The article raises the problems belittling the efficiency, competence and independence of national arbitration in comparison to the most authoritative world arbitrations. Among them the problem of arbitral awards enforcement, as well as the situation difficult for understanding by foreign partners with two systems of Russian arbitration courts.

Key words: international legal environment, national business image, favorable investment climate, international commercial practice, investment cooperation, international commercial arbitration, protection of investors’ rights, enforcement of arbitral awards.

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