Baghdad (IraqiNews.com) The parliament Economy and Investment Committee discussed including Iraq in New York Agreement for 1958.
The parliament’s Media Office reported “The parliament Economy and Investment Committee held a meeting on last Sunday headed by MP Mohammed Salman, Vice-Chairman of the Committee in presence of representatives from the Ministries of Planning, Trade and Finance and the Supreme Judicial Council as well as a delegation from the US Trade Ministry.”
“The meeting discussed Iraq’s joining to New York Agreement for 1958 related to recognizing the verdicts issued by the foreign arbitration courts.” “On other hand, the Committee met with the delegation of the General Company for Leather Industry associated to the Industry Ministry where they discussed possibility of marketing the company’s products to all the state departments,” the report added.
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the New York Convention, was adopted by a United Nations diplomatic conference on 10 June 1958 and entered into force on 7 June 1959.
The Convention requires courts of contracting states to give effect to private agreements to arbitrate and to recognize and enforce arbitration awards made in other contracting states. Widely considered the foundational instrument for international arbitration, it applies to arbitrations which are not considered as domestic awards in the state where recognition and enforcement is sought. Though other international conventions apply to the cross-border enforcement of arbitration awards, the New York Convention is by far the most important.
In 1953, the International Chamber of Commerce (ICC) produced the first draft Convention on the Recognition and Enforcement of International Arbitral Awards to the United Nations Economic and Social Council. With slight modifications, the Council submitted the convention to the International Conference in the Spring of 1958. The Conference was chaired by Willem Schurmann, the Dutch Permanent Representative to the United Nations and Oscar Schachter, a leading figure in international law who later taught at Columbia Law School and the Columbia School of International and Public Affairs, and served as the President of the American Society of International Law.
International arbitration is an increasingly popular means ofalternative dispute resolutionfor cross-border commercial transactions. The primary advantage of international arbitration over court litigation is enforceability: an international arbitration award is enforceable in most countries in the world.
Other advantages of international arbitrationinclude the ability to select a neutral forum to resolve disputes, that arbitration awards are final and not ordinarily subject to appeal, the ability to choose flexible procedures for the arbitration, and confidentiality.
☻ THIS IS DEFINITELY NEEDED IN IRAQ.. This is what I mean when I've been saying that SOMEONE NEEDS TO STEP UP AND MEDIATE.. I thought the UN would be the ones to do it.. It seems like what I am seeing, the BIG WIGS are seeing as well.. SO I AM HOPEFUL that this article is a VERY POSITIVE step for Iraq.. Hopefully these people can sit down and MEDIATE between the different sects/parties. ~~RED LILY
Once a dispute between parties is settled, the winning party needs to collect the award or judgment. Unless the assets of the losing party are located in the country where the court judgment was rendered, the winning party needs to obtain a court judgment in the jurisdiction where the other party resides or where its assets are located. Unless there is a treaty on recognition of court judgments between the country where the judgment is rendered and the country where the winning party seeks to collect, the winning party will be unable to use the court judgment to collect.
Countries which have adopted the New York Convention have agreed to recognize and enforce international arbitration awards. As of 1 December 2012, there are 148 State parties which have adopted the New York Convention: 146 of the 193 United Nations Member States, the Cook Islands (a New Zealand dependent territory), and the Holy See have adopted the New York Convention. 49 U.N. Member States have not yet adopted the New York Convention. A number of British dependent territories have not yet had the Convention extended to them by Order in Council.
Summary of provisions
Under the Convention, an arbitration award issued in any other state can generally be freely enforced in any other contracting state (save that some contracting states may elect to enforce only awards from other contracting states – the "reciprocity" reservation), only subject to certain, limited defenses. These defenses are:
a party to the arbitration agreement was, under the law applicable to him, under some incapacity;
a party was not given proper notice of the appointment of the arbitrator or of the arbitration proceedings, or was otherwise unable to present its case;
the award deals with an issue not contemplated by or not falling within the terms of the submission to arbitration, or contains matters beyond the scope of the arbitration (subject to the proviso that an award which contains decisions on such matters may be enforced to the extent that it contains decisions on matters submitted to arbitration which can be separated from those matters not so submitted);
the composition of the arbitral tribunal was not in accordance with the agreement of the parties or, failing such agreement, with the law of the place where the hearing took place (the "lex loci arbitri");
the award has not yet become binding upon the parties, or has been set aside or suspended by a competent authority, either in the country where the arbitration took place, or pursuant to the law of the arbitration agreement;
the subject matter of the award was not capable of resolution by arbitration; or
As of April 2013, 146 of the 193 United Nations Member States have adopted the New York Convention. Besides 144 Member states of the United Nations, the Convention has also been ratified by Holy See and the Cook Islands. About fifty of the U.N. Member States have not adopted the Convention. In addition, Taiwan has not adopted the Convention and a number of British Overseas Territories have not had the Convention extended to them by Order in Council. British Overseas Territories to which the New York Convention has not yet been extended by Order in Council are: Anguilla, British Virgin Islands, Falkland Islands, Turks and Caicos Islands, Montserrat, Saint Helena (including Ascension and Tristan da Cunha). The British Virgin Islands have implemented the New York Convention into domestic law (Arbitration Ordinance 1976), although Britain has never issued an Order in Council legally extending the New York Convention to the British Virgin Islands.
☻ SO IN SHORT... THIS LOOKS LIKE AN "ARBITRATION AGREEMENT" FOR FOREIGN COUNTRIES WHO NEED HELP WORKING WITH PARTIES IN ORDER TO REACH A COMPROMISE.. TO MAKE PROGRESS AS A COUNTRY. ~~RED LILY