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159 states are now parties to the New York Convention of 1958

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Grudzień 2018

159 states are now parties to the New York Convention of 1958

In 2018 two more states retified the New York Convention on recognition and enforcement of foreign arbitral awards of 1958 - Cabo Verde and Sudan. Apart from some African states the Convention is binding almost everywhjere in the world.
According to Article III of this Convention "Each Contracting State shall recognize arbitral awards as binding and enforce them in accordance with the rules of procedure of the territory where the award is relied upon, under the conditions laid down in the following articles. There shall not be imposed substantially more onerous conditions or higher fees or charges on the recognition or enforcement of arbitral awards to which this Convention applies than are imposed on the recognition or enforcement of domestic arbitral awards."