Turkmenistan acceded to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards

Turkmenistan has joined the Conventions The United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, adopted at New York, June 10, 1958. The relevant Act is signed President Serdar Berdymukhamedov last weekend.

The text of the Law states that Turkmenistan acceded to this Convention with certain conditions, namely:

1. Turkmenistan will ensure recognition and enforcement of foreign arbitral awards made only in the territory of a member state;
2. Turkmenistan will apply the Convention only to disputes that are considered commercial disputes under national law;
3. Turkmenistan will apply the Convention only to judgments rendered after the Convention enters into force for it.

This Convention requires courts of contracting states to give effect to private arbitration agreements and to recognize and enforce arbitral awards made in other contracting states.