Legal reforms, either general or reforms in institutions, are carried out in specialized sectors of law in the form of technical assistance which largely fall under broader sector of rule of law. This has been is one of the approach of major development agencies for the international development. Countries around the world have been prompted to promote rule of law as sine qua non to realize their development objectives. Virtually every country in the world espouse to the rule of law, even dictatorial regime of North Korea claims as democratic peoples’ republic.Paper tries to identify the most important aspects of commercial law reforms which may directly promote the culture of rule of law. Paper also examines general legal reforms to draw up on some insights from those reform initiatives. Paper does not critique the commercial law reforms initiatives, instead tries to appreciate the general trends in commercial law reforms by examining commercial law reform initiatives undertaken by various development agencies in different countries.First part of the paper examines the genesis and aspects of commercial law reforms. In second part it examines the representative projects and project areas of the development agencies which are closely related to commercial law reforms either directly or indirectly. In this respect paper examines projects data from some development agencies. In last part, paper examines the implications of commercial law reforms to the rule of law and development.