New York Convention

About the Work

In a world where trade is becoming increasingly global on one hand, while the quality of legal services, especially those provided by state courts, is declining on the other, dispute resolution through arbitration is gaining rapid importance. Arbitration has become the preferred method for cross-border transactions. International arbitration courts allow parties to avoid national courts while obtaining decisions that are enforceable far beyond the scope of national court rulings. This is facilitated by the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which came into force on June 10, 1959. To date, 157 countries have ratified this convention, including all major trading nations.