Challenges in the Application and Enforcement of the New York Convention on International Arbitration Awards

Abstract

Since the introduction of the New York Convention in 1958, the question of effectiveness and the accurate interpretation of its provisions have always been a subject of dispute across different jurisdictions of international law. This issue is mostly with respect to the internationally applicable principles on arbitration award. The consideration of the challenges and prospects of the New York Convention is important in the sense that it enhances the identification of the problems mitigating the effective enforcement of the convention and proffers ways by which international arbitration award can be more instrumental in the settlement of disputes, especially the ones commercial and international in nature. The study uses the doctrinal approach by evaluating relevant statutory instruments, including the New York Convention of 1958, as well as relevant academic works on the subject matter, in order to reach recommendations and measures of more effective practices. The article aims to explore the evolution of the Convention since its inception and how it has affected international arbitration awards. It also aims to address the limitations in enforcement mechanisms among the 159 contracting states. The overall findings of the work are to investigate how to ensure that countries engage in a more interactive trade setting with a decreased level of trade disputes.