LEGAL DIMENSIONS OF DIGITAL TRANSFORMATION: A STUDY ON DATA PROTECTION AND BUSINESS SUSTAINABILITY IN THE DIGITAL ECONOMY

Abstract

The globalization of markets has highlighted the vital role of contract law in governing international business operations. Predictable and harmonized legal frameworks facilitate cross-border trade, enhance investor confidence, and reduce transaction costs. Over recent decades, many emerging economies have undertaken substantial reforms to modernize outdated contract laws, align them with international standards, and foster competitive business environments. These reforms, influenced by global instruments such as the CISG and UNIDROIT Principles, aim to improve legal certainty, promote fairness, and attract foreign direct investment. However, challenges persist in reconciling domestic socio-economic realities with international legal norms, addressing institutional inefficiencies, and managing the complexities of diverse legal traditions. The reforms have thus produced a dual impact—opening opportunities for integration into global markets while exposing vulnerabilities stemming from weak enforcement and limited capacity. The evolution of contract law reform reflects a broader movement toward economic modernization, digitalization, and global legal harmonization, with profound implications for emerging economies striving to balance growth, equity, and institutional resilience