Although the majority of developing countries have accepted the concept of arbitration, many elements of the Western model for arbitration are becoming less viable as new national and regional economic and social policies take effect. Thus, there is no consensus between developed and developing countries on the substantive rules to be applied by arbitrators. Efforts to create consensus on the law of trade, commerce, and business have included uniform laws attached to multilateral conventions on transnational sales, multilateral conventions on the transport of goods, and new forms of legal regulation, such as international intergovernmental guidelines and international codes of conduct. The developing countries have focused on the establishment of codes of conduct. These instruments are the legal statement of certain basic economic and social policies embodied in the New International Economic Order. The negotiation on these codes of conduct could create a new consensus that can be transposed into 'internationalized' rules of law to govern various trade, commercial, and business relationships. These 'internationalized' rules would be applied by arbitrators as part of a substantive consensus between Western developed countries and developing countries. One approach for creating a new consensus would link the creation of 'internationalized' law to the system for the settlement of disputes to be governed by such law. The draft United Nations International Code of Conduct on the Transfer of Technology presents an opportunity to implement this approach. The Code of Conduct could direct arbitrators to apply the rules or standards of the code as the consensus on the basic policy issues in this area of trade and commerce. National legal systems would provide the remaining elements of the necessary substantive legal framework. Eight footnotes are provided.