After entering the 20th century, countries generally regard arbitration as a way to solve international trade disputes.
1923 Under the auspices of the League of Nations, a protocol on arbitration clause was signed in Geneva, and both parties recognized the validity of the arbitration agreement signed by both parties. 1927 also signed the convention on the enforcement of foreign arbitral awards, recognizing that arbitral awards made in the territory of a contracting state should be recognized as valid and enforceable in other contracting States. The signing of these two conventions is conducive to the development of international commercial arbitration. Around the Second World War, many countries set up permanent arbitration institutions.
From 65438 to 0958, the United Nations adopted the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (to which China has acceded). The United Nations Commission on International Trade Law formulated arbitration rules in 1976, which were recommended by the economic and trade circles of various countries. Arbitration, as a way to solve international commercial disputes, has been widely recognized and adopted internationally. Not only do most contracts for the sale of goods contain arbitration clauses, but other economic and trade contracts, such as economic cooperation, technology transfer, international credit, joint ventures, etc., also generally adopt arbitration to resolve disputes. (asking the hall)