Turkmenistan, a holder of one of the world’s largest natural gas reserves, has recently taken steps to improve its business climate. In May 2022, Turkmenistan acceded to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, the UN Convention on Contracts for the International Sale of Goods, and the Framework Agreement on Cross-Border Paperless Trade in Asia and the Pacific.
NEW YORK CONVENTION
The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) is one of the most widely recognized international treaties, and a key instrument in international arbitration. Together with Turkmenistan, there are 170 states that are parties to the New York Convention.
It provides for the recognition and enforcement of foreign arbitration awards in Turkmenistan and requires Turkmen courts to give effect to parties’ agreement to arbitrate.
The state court in…