The Maldives has signed the Convention on Recognition and Enforcement of Foreign Arbitral Awards - better known as the New York Convention.
The convention focusing on the recognition and enforcement of foreign arbitral awards and the referral by a court to arbitration was first implemented during a diplomatic conference of the UN in 1958. The convention was signed by Attorney General Ibrahim Riffath on behalf of Maldives.
The accession to New York Convention by the Maldives is a historic milestone. It reiterates GoM’s commitment to improve and enhance ADR mechanisms in the Maldives and create a more enhanced investment climate for businesses and promote investor confidence. @MIArbCenter @MVPMNY pic.twitter.com/cr9XlVZHFR— I.Riffath (@ibriffath) September 17, 2019
AG Riffath stated that the participation by the Maldives in the convention would empower the efforts of the government of the Maldives to develop and enhance the Alternative Dispute Resolution mechanisms of the country. Maldivian participation in the convention would also gain the country investor confidence and establish a good business environment in the country, stated the Attorney General.
The Maldives became the 161st country to participate in the convention.