are most directly implicated by the commercial transactions underlying the parties' agreement. It was argued that reliance on the law of the forum (either that where enforcement of the arbitration agreement or the arbitration award is sought), could lead to the use of a law totally unconnected with the commercial transaction in determining arbitrability, a result that was considered objectionable because the country whose national interests are directly implicated by the commercial transaction has a more legitimate claim in regulating objective arbitrability.
it is presumed that even though the parties may have signed an invalid contract (because, for example, it is contrary to competition law) they nevertheless expressed a separate and valid intent that any dispute arising in connection with the contract should be resolved by arbitration. That intent is then viewed as extending to cover the consequences of the invalidity of the contract (assuming the arbitral tribunal in fact finds it to be invalid). Id.