Turkmenistan has become the 170th state party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the Convention), having acceded on 4 May 2022. The Convention will come into force for Turkmenistan on 2 August 2022.
Turkmenistan has made a number of reservations and declarations, meaning that it will only apply the Convention with respect to:
- recognition and enforcement of awards made in the territory of another party to the Convention (the so-called “reciprocity reservation”);
- disputes which are considered commercial disputes under its national law (the so-called “commercial reservation”); and
- awards which are rendered after the convention enters into force for Turkmenistan (i.e. 2 August 2022).
Turkmenistan is the first state so far to become a party to the Convention in 2022. Last year saw Belize, Malawi and Iraq become parties to the Convention.
For further information, please contact:
Craig Tevendale, Partner, Herbert Smith Freehills
craig.tevendale@hsf.com
