Maldives, on Tuesday night, signed the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention), established regarding the implementation of international arbitration decisions.
With the backing of the parliament and cabinet, Attorney General Ibrahim Riffath signed the convention on behalf of the state during an official visit to the United States of America.
According to the President's Office, Maldives is taking part in the convention with the aim of establishing a system which accepts and implements arbitration decisions made by the international community.
The accession to New York Convention by the Maldives is a historic milestone. It reiterates GoM’s commitment to improve and enhance ADR mechanisms in the Maldives and create a more enhanced investment climate for businesses and promote investor confidence. @MIArbCenter @MVPMNY pic.twitter.com/cr9XlVZHFR
— I.Riffath (@ibriffath) September 17, 2019
AG Riffath stated that accession to the convention reiterates the Maldivian government's commitment to improve Alternative Dispute Resolution (ADR) mechanisms in the country.
He further added that this will create a more enhanced investment environment for businesses, in addition to promoting investor confidence across the archipelago.
Maldives is the 161st country to sign the New York Convention.
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