The Maldives recently became the latest state party to the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention“).
The Maldives acceded formally to the New York Convention on 17 September 2019, which will come into force for the Maldives on 16 December 2019, 90 days thereafter. The Maldives becomes the 161st state party of the New York Convention in a year that marks the 60th anniversary of its coming into effect on 7 June 1959.
The Maldives has not made any declarations, notifications or reservations regarding the application of the New York Convention. By way of background, the most frequently made declarations are to apply the New York Convention only to: (i) recognition and enforcement of awards made in the territory of another contracting State (the so-called “reciprocity reservation”); and (ii) differences arising out of legal relationships that are considered commercial under the national law of the acceding State (the so-called “commercial reservation”).
The Maldives is a founding member of the South Asian Association for Regional Cooperation. Fishing and tourism are among the key economic sectors in the Maldives.
For further information, please contact Andrew Cannon, Partner, Rebecca Warder, Professional Support Lawyer, Peter Chen, Associate, or your usual Herbert Smith Freehills contact.