Prospects for the regulation of international joint ventures.
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An international joint venture is an international legal relationship or agreement, upon which parties are bound to act together for a particular aim or for particular activities and due to this, to unify their property, labour and knowledge. The international joint venture is one of the most common forms of international business, a popular model for investment, and has become a traditional form of business since 1950. However, such activities are quite new to international law and due to this, joint ventures as commercial instruments have often been treated quite ambiguously. Legal theory and practice face difficulties in assigning this institution to a specific branch of law, which leads to problems in legal qualification and applicability. In this article the author attempts to outline prospects for the regulation of international joint ventures and defines the main potential problems that could arise in this process. The conclusion is made, that although the necessity for regulation in this area is evident, the preconditions for it are quite weak and this leads to possibilities of “soft law“ regulation.
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