The New York Convention: More Signatories Than Your Aunt Mildred's Tupperware Collection (and Probably More Useful Too)
The world of international trade agreements can be drier than a week-old bagel. But fear not, intrepid knowledge seekers! Today, we're diving into the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, a mouthful of a name for a surprisingly interesting treaty.
So, How Many Countries Are On Board?
This is where things get fun! As of January 2023, a whopping 172 countries have signed on to the New York Convention. That's more countries than there are different types of pasta (and let's be honest, that's a lot of pasta).
Fun Fact: This means more countries recognize foreign arbitration awards than recognize your questionable karaoke rendition of Bohemian Rhapsody.
But What Does it All Mean?
The New York Convention basically acts as the international rulebook for enforcing arbitration decisions made in one country in another. Imagine you win a giant rubber ducky in a business deal gone wrong (hey, it happens!), but the company that owes you the ducky is based in a different country. This convention helps ensure you can get your rightful feathery friend, no matter the borders.
Hold Up, There's More!
Not all 172 countries are created equal (at least in this context). There's a difference between being a signatory (just signing the dotted line) and being a party (officially adopting the convention). But fret not, curious minds, because the vast majority of signatories are also parties.
Pro Tip: If you're planning on doing some international business that might involve arbitration, it's always a good idea to check if both countries are parties to the New York Convention. Just sayin'.
Frequently Asked Questions (Because We Know You Have Them)
How to find out if a country is a party to the New York Convention?
The United Nations Treaty Collection is your one-stop shop! https://treaties.un.org/
How to become a party to the New York Convention?
Each country has its own process for adopting international treaties. Contact your country's foreign ministry for more info.
How to win a giant rubber ducky in a business deal?
This one might require some serious negotiation skills (or a very eccentric business partner). We can't help you there.
How to enforce a foreign arbitration award?
This is where a lawyer comes in handy. International arbitration can get complicated.
How to avoid needing international arbitration altogether?
Write clear and concise contracts in the first place!
