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 more information, please contact Craig Tevendale, Partner, Liz Kantor, Professional Support Lawyer, or your usual Herbert Smith Freehills contact.
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