In a contract between two international parties, how is jurisdiction and enforcement decided?

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In a contract between two international parties, how is jurisdiction and enforcement decided?

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Normally it is stated specifically in the contract, and thus agreed upon by both parties: “This agreement shall be interpreted under the laws of ___ and any disagreement shall be heard in the courts of ___.” Or similar.

I don’t know this with 100% certainty, but trade and banking might put pressure on a country to ensure they comply.

If they don’t comply then then other nations will have a trade embargo or stop exporting to that country. And international banks might no longer loan money to that country,