It was decided yesterday in the Cabinet meeting that the Maldives should accede to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the New York Convention.
The New York Convention was adopted by the UN in 1958 which deals with international arbitration; a means of alternative dispute resolution in the areas of international trade and commercial transactions.
According to the Constitution, the Cabinet must send the matter to Parliament. The treaty will only come into force if and when it is approved by the People’s Majlis.
Cabinet members noted that the Convention would provide legislative standards for the recognition of arbitration agreements.
It was also suggested that accession to the Convention would create an “investor-friendly environment” in the Maldives.
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