necessarv when hiring domestic workers as well as when importing personnelfrom overseas to train，manage，set up，or otherwise work on the JV staff-Health，safety,and environmental laws，long a significant factor for JVs with operationsin the United States and the EU，are now becoming more important in thedeveloping countries.The cost of compliance with these and similar nationallaws and regulations must be considered in establishing the budget and eco-nomic objectives of the jr.
Competition and sales of goods laws are not adequate to protect consum-ers from harmful product defects or from unfair competitive pracuces，such aspublication of false or misleading information regarding goods and services.To achieve these safeguards，countries have developed legal standards for con-sumer protection and product quality.Consumer protection laws address thequality and accuracy of information provided to consumers regarding productsand services，as well as the quality of the products themselves.For example，laws may require that products not be sold if they presentu201cunreasonable dan-gersu201dwith respect to their use.Similarly,some products can only be sold if theyhave been produced，stored，and transported in accordance with specified safetyand hygiene standards.There are also 1aws regarding warranties and productperformance which include the responsibilities of the manufacturer and sellerwith respect to damages caused by defective goods. The parties to a IV must carefully consider the steps to be taken In the eventthat disagreements arise over the course of the relationship.Arbitration and otherdispute resolution procedures are often preferred as a means for settling disputesinvolving any economic transacnon.In many Asian countries，arbltranon 1s con-sistent with traditional preferences for settling disputes throughu201cnegotiation andmediation.u201dand a number of these countries have promulgated laws and regula-tions that dictate the rights of parties with respect to arbitration.In addition，many countries with developed court systems have promulgated laws and rulesof civil procedure that provide not only for litigation of civil cases，but also forencouraging conciliation and the honoring of arbitration clauses that might beincluded in foreign economic trade，transport and maritime contracts.
Dispute resolution is clearly an important Issue for prospectlve foreigninvestors.and it is generally reflected in the negotiations relating to choice oflaw provisions and enforcement of awards and judgments.While there is still no generally accepted international agreement that requires recognition ot for-eign judgments，the New York Convention on the Recognition and Enforce-ment of Foreign Arbitral Awards of 1958(u201cNew York Conventionu201d)provides parties with comfort that foreign arbitral awards rendered in any 1urisdictionthat is a member of the New York Convention wilJ be honored in any otherjurisdiction that is also a member of that Convention.