Turkmenistan accedes to the New York Convention and the United Nations Convention on the International Sale of Goods

Summary:

Turkmenistan has acceded to both the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also commonly known as the “New York Convention”) and the United Nations Convention on Contracts for the International Sale of Goods (the “CISG”). 

Content:

The New York Convention

With its accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, effected on 4 May 2022, Turkmenistan becomes the 170th State Party to the New York Convention. The New York Convention will enter into force for Turkmenistan on 2 August 2022. 

 The New York Convention is widely recognized as a foundation instrument of international arbitration and requires courts of contracting States to give effect to an agreement to arbitrate when seized of an action in a matter covered by an arbitration agreement and to recognize and enforce awards made in other States, subject to specific limited exceptions. 

 The CISG

With its accession to the United Nations Convention on Contracts for the International Sale of Goods, Turkmenistan becomes the 95th State Party to the CISG. The Convention will enter into force for Turkmenistan on 1 June 2023. 

 The CISG provides an equitable and modern uniform framework for the contract of sale, which is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. Its adoption and use may contribute significantly to introducing certainty in commercial exchanges and decreasing transaction costs. 

 The UNCITRAL Secretariat including UNCITRAL RCAP has cooperated with the Ministry of Foreign Affairs of Turkmenistan in organizing online briefings on the New York Convention and the CISG to support the treaty consideration process. It has also cooperated with UN/ESCAP in promoting awareness in Turkmenistan of the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, a treaty that Turkmenistan also acceded to on 4 May 2022.

More information on the New York Convention is accessible at: New York Convention

More information on the CISG is accessible at: CISG

Picture Source : Britannica

Share this post

Leave a Reply

Your email address will not be published.

Translate »