Publication: How Countries Can Fully Implement the New York Convention: A Critical Tool for Enforcement of International Arbitration Decisions
Date
2019-12-30
ISSN
Published
2019-12-30
Author(s)
Forneris, Xavier
Mocheva, Nina
Abstract
The year 2018 marked the 60th
anniversary of the New York Convention on the Recognition
and Enforcement of Foreign Arbitral Awards, the most
important international convention in the area of
international commercial arbitration. The Convention is also
said to be the most successful international treaty in the
area of private international law. This note primarily
targets policy makers and their legal advisors in countries
looking at ways to improve their business environment, to
become more attractive locations for trade and investment,
through better dispute resolution options for international
transactions. First, the note explains that international
commercial arbitration, as part of countries' legally
recognized dispute resolution options, is critical to
cross-border contract enforcement. As countries strengthen
their international arbitration regimes, they improve their
competitiveness in international markets and increase
investment and trade by reducing transaction risks and the
cost of new infrastructure projects. Countries can improve
their international commercial arbitration systems by
passing modern legislation consistent with international
best practice, ratifying international arbitration
conventions, strengthening judicial capacity to enforce
arbitral awards, and investing in local arbitration centers.
Citation
“Forneris, Xavier; Mocheva, Nina. 2019. How Countries Can Fully Implement the New York Convention: A Critical Tool for Enforcement of International Arbitration Decisions. FCI In Focus. © World Bank, Washington, DC. http://hdl.handle.net/10986/33123 License: CC BY 3.0 IGO.”