Turkmenistan has acceded to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, commonly known as the New York Convention, and the United Nations Convention on Contracts for the International Sale of Goods (the CISG), the UN Information Service announced on Thursday.
With its accession to the New York Convention, effected on May 4, 2022, Turkmenistan becomes the 170th State Party to the Convention. The New York Convention will enter into force for Turkmenistan on August 2, 2022.
The New York Convention is widely recognized as a foundation tool of international arbitration and applies to the recognition and enforcement of foreign arbitral awards and the referral by a court to arbitration.
Turkmenistan became the 95th State Party to the CISG. The Convention will enter into force for Turkmenistan on June 1, 2023.
The CISG provides an equitable and modern uniform framework for the contract of sale, which is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. Its adoption and use is expected to contribute significantly to improvement in commercial exchanges and decreasing transaction costs.
The laws to accede to the New York Convention and the CISG were approved in Turkmenistan last month.