Without the full context I would have to make a guess, but what I think this is saying is this:
1. They are considering some Documents in the British Virgin Islands and have to decide by which law these document should be governed. I.e which laws should apply to these documents
2. The statement says that it is OK to apply Foreign Laws to these documents (although it does not say which foreign laws)
3. If a case came to court (in the BVI) for some judgement to be passed on these documents or using these documents, it would be considered legal to apply these Foreign Laws (and not the laws of the BVI).
I assume that somewhere earlier in the document the meaning of Foreign Laws is defined precisely (ie they could be the laws of the USA or UK for example).
Hope that helps.