Tonga joins UN int'l arbitration awards convention [1]
Friday, June 26, 2020 - 19:28
Enforcing international arbitration awards will become easier after Tonga became the 164th state to join the United Nation’s Convention on the Recognition and Enforcement of Arbitral Awards (the New York Convention).
The treaty was ratified on 12 June and will take effect from 10 September.
This means parties involved in international business disputes can be certain that the arbitration awards will be enforced in Tonga and aboard under the convention.
The convention [2] is one of the most successful multilateral conventions in the field of international commercial law, in particular, commercial dispute resolution, according to the UN.
Tonga joined the convention with the reservation that “… the Government of the Kingdom of Tonga will apply the Convention only to differences arising out of legal relationships, whether contractual or not, which are considered as commercial under the national law of the Kingdom of Tonga.”
The convention was prepared and opened for signature on 10 June 1958 by the United Nations Conference on International Commercial Arbitration.