20 January 2015
In line with the Draft Principles, this Law accepts party autonomy for choice of law in international contracts, which enhances legal certainty and predictability in the contractual dealings concluded between Paraguayan companies and companies from around the world. It therefore will contribute to the facilitation of foreign investment and trade in Paraguay.
In addition to confirming the pioneering role played by Paraguay in bringing the Draft Principles into operation, the enactment of the Law affirms the objective of the Draft Principles as a guide to "best practices" with regard to the choice of law in international commercial contracts.
The Draft Principles are set to be officially approved by the Members of the Hague Conference in the near future.