Main recommendations
The ALRC's inquiry was, in essence, a feasibility study. The report contains a detailed outline of contemporary Australian law on international litigation and arbitration. It also addresses the extent of international commercial transactions, the potential legal problems, and canvasses the options for reform. The ALRC approached these issues in the report from a practical business perspective.
The ALRC recommended the establishment of a business advisory committee (the International Commercial Law Advisory Committee) to advise the government on options, priorities and timing for reforms in relation to cross border legal issues.
A number of short-term reforms, including amendment of existing legislation and rules of court, were proposed. The Commission also identified long-term reforms, such as international judicial cooperation, emphasis on bilateral arrangements, and further involvement in work of organisations such as UNCITRAL.
The ALRC also recommended a high priority be given to involvement in the UNCITRAL Working Group on Insolvency, and to the work of the Hague Conference on a multilateral convention on the recognition and enforcement of foreign judgments, while continuing Australia's bilateral negotiations on the recognition and enforcement of foreign judgments.
A recommendation was made for the federal Attorney-General to commission a further reference by the ALRC into Australia's laws and regulatory practices relating to cross border financial transactions.
The report suggests the Attorney-General should also commission a comprehensive review of the legal implications of electronic commerce and that a working group be established to design and test a 'safe haven' model for the development of online electronic trading and investment facilities in Australia.
Most of the recommendations arising from the report also call for further consultation and consideration of particular proposals and issues.
Legal Risk in International Transactions contains a summary of recommendations, which provides further information.