Turkmenistan began to recognize foreign arbitral awards on commercial disputes
Turkmenistan has begun to recognize and will enforce foreign arbitral awards that relate to commercial disputes. To this end, the country adopted the Law on Accession to the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards, officially published today.
Accession to the Convention will increase the attractiveness of the economy of Turkmenistan for foreign investors, as they have the opportunity to resolve emerging commercial disputes through arbitration courts operating not only in Turkmenistan, but also in the member states of the Convention.
Last year, a new version of the Arbitration Procedure Code was adopted in Turkmenistan. The tasks of arbitration proceedings include strengthening the rule of law in the economic sphere, fair, independent and public trial, as well as preventing offenses in business activities.
You can read the contents of the Law of Turkmenistan On Accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards at this link.
Also today, the official press published laws on the ratification of the Agreement establishing the International Islamic Trade and Economic Finance Corporation, the UN Convention on Contracts for the International Sale of Goods, as well as accession to the Framework Agreement on the Facilitation of Procedures for Cross-Border Paperless Trade in the Asia-Pacific Region.
The enumerated legislative acts should contribute to the integration of the Turkmen economy into the international economy, attract foreign investment and Turkmenistan's entry into the World Trade Organization (WTO).
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