Arbitration blog: New York Convention improves business climate in Turkmenistan
Turkmenistan's accession to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards helps attract foreign investment and improves the business climate in the country, the Arbitration Blog analytical publication writes.
The article talks about the specifics of the accession and the main reasons and stages of the formation of means of dispute resolution through the arbitration court in Turkmenistan.
Thus, experts express the opinion that the accession to the Convention is a landmark event for Turkmenistan, giving an additional level of confidence and certainty for international business in the Turkmen jurisdiction.
The Convention, as noted, is designed to create in Turkmenistan legislative acts concerning the legal settlement of disputes at the international level, which could fully comply with the principles of international judicial law.
As a result, Turkmenistan has carried out effective work on the implementation of national legislation in this area and, thus, the country's accession has become a significant step towards improving its foreign arbitration legislation.
The Law on accession to the Convention entered into force in August of this year and is already producing tangible results. Turkmenistan has become the 170th member state of the treaty on the settlement of international disputes by international judicial structures.
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