DILI, 22 january 2021(TATOLI)- Parliament’s Commission A approves the proposal of the UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards
The report is approved by the Parliament Commission A on Thursday 21 of january, 2021.
“We have approved the narrative of the resolution proposal on recognition and enforcement of arbitral awards. We need a norm to access to the 1958 New York’s Convention since it is important incentive to intensify trade relations with abroad and a factor in promoting foreign investment in the commercialization, “ President of Commission A, Joaquim dos Santos, explain to the journalist at the Palico do Governo Dili.
The Members of the Government clarified the issues raised by Members of the Parliamentary Committees and defended the importance of Timor-Leste’s accession to this Convention.
Mr Santos said, when the propose is approved, it will help the government to establish center for Volutary Arbitration and resolving conflicts between the parties vis-à-vis the regular judicial system.
He acknowledge that the arbitrarily sentence is important for Timor-Leste.
The convention for the recognition and enforcement of arbitral was launched on Jun 10, 1958 in the New York and has already been ratified by more than 160 countries and is considered the most important multilateral agreement under international arbitration law.
In Spite, Timor-Leste’s accession to this Convention, together with these two Law Proposals, framed in improving the provision of justice and in the Public Administration Reform Program, aim to create out-of-court solutions for the resolution of contractual conflicts between private individuals, but also between private individuals and the State, in terms of private contracts, giving greater simplification and greater agility in the judicial resolution of commercial conflicts.
Journalist: Evaristo Soares Martins
Editor: Julia Chatarina
