President of Turkmenistan Serdar Berdimuhamedov had signed the law on Accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards. The new law was published by the official Turkmen media on Tuesday.
In accordance to the document, Turkmenistan will accede to the Convention adopted on June 10, 1958 in New York City, with the following conditions:
Turkmenistan will ensure the recognition and enforcement of foreign arbitral awards made only in the territory of another contracting state;
Turkmenistan will apply the Convention only to disputes which are considered commercial disputes under national law;
Turkmenistan will apply the Convention only to judgments rendered after the Convention enters into force for it.
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the "New York Arbitration Convention" or the "New York Convention", is one of the key instruments in international arbitration. The Convention applies to the recognition and enforcement of foreign arbitral awards and the referral by a court to arbitration.
The convention currently has 169 contracting states.
