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How Countries can Fully Implement the New York Convention : A Critical Tool for Enforcement of International Arbitration Decisions (English)

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.

Details

  • Author

    Forneris,Xavier, Mocheva,Nina Pavlova

  • Document Date

    2019/12/30

  • Document Type

    Working Paper

  • Report Number

    144707

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    World,

  • Region

    The World Region,

  • Disclosure Date

    2019/12/31

  • Disclosure Status

    Disclosed

  • Doc Name

    How Countries can Fully Implement the New York Convention : A Critical Tool for Enforcement of International Arbitration Decisions

  • Keywords

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Citation

Forneris,Xavier Mocheva,Nina Pavlova

How Countries can Fully Implement the New York Convention : A Critical Tool for Enforcement of International Arbitration Decisions (English). FCI in Focus Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/726311577800894244/How-Countries-can-Fully-Implement-the-New-York-Convention-A-Critical-Tool-for-Enforcement-of-International-Arbitration-Decisions