New York Convention

The New York Convention, officially known as the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, is an international treaty established in 1958. It allows countries to recognize and enforce arbitration agreements and awards made in other countries. This means if two parties from different countries resolve a dispute through arbitration (a private process outside of court), other countries that are part of the convention must honor that decision. This promotes international trade and investment by ensuring that businesses can rely on fair dispute resolution, regardless of where an issue arises.