The Role Of The New York Convention In Fostering Arbitration Development In India

Kanak Shakya, Amity University, Lucknow

ABSTRACT

The Pre-New York Convention regime for the resolution of international trade disputes, based nearly absolutely on international litigation, was once not good and unsatisfactory. Party autonomy was once normally absent, and the opportunity of enforcement of decisions on the merits used to be structured on the private international regulation regulations of distinctive Criminal systems, which had been challenging to interpret and get admission to overseas industrial users. Indeed, the resolution of worldwide disputes used to be a daunting process. That state of affairs dramatically changed in 1958 with the adoption of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards which has been viewed as the cornerstone of the regulation of international arbitration. The New York Convention presented a simple, comprehensive and fine way of resolving worldwide disputes with the aid of arbitration. Yet, 60 years after its adoption, some proposals of reform or adaptation to modern-day approaches and current traits are already on the table. India was once one of the founding signatories to the New York Convention, 1958, formally regarded as the Convention on Recognition & Enforcement of Foreign Arbitral Awards, 1958. The commercial reservation intended that the New York Convention insofar as relevant to India used to be solely in recognize of worldwide industrial arbitration and now not international investment arbitration.

Keywords: New York Convention, International Arbitration, Award, UNCITRAL, ADR, Commercial Law