Legal and Institutional Reforms Needed for Implementation of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards in Ethiopia
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Date
2023-07
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AAU
Abstract
The field of international commercial arbitration has grown with remarkable speed in recent
decades. It has increased dramatically as the most effective dispute settlement mechanism,
and hence an important and vital tool for promoting international business and investment.
Thus, conventions and treaties have been adopted, and specialized international institutions
have been set up, in order to improve and facilitate the functioning of international
arbitration.
Arbitration is preferable, than going to court because it has a faster conflict resolution
procedure, is less expensive, and gives the parties complete freedom to have the case decided
by the judges of their choosing and under the basic law or legal system of their choice. The
New York Convention is now being ratified by nations in an effort to uphold arbitration
award and streamline global trade.
Ethiopia opened a new chapter in its arbitration law when it enacted the Arbitration and
Conciliation Working Procedure Proclamation Number 1237/2021. This proclamation is
mainly inspired by the Model Law (1985). Ethiopia has also joined particularly the New York
Convention, 1958 on the enforcement of foreign awards.
To assess the practice and challenges of Foreign Arbitral Awards in Ethiopia, both legal
framework and the institutional practice of Arbitration centers were analyzed by the study.
And also, this paper would try to elaborate the Legal and institutional Reforms conditions for
implementation of the New York Convention on the recognition and enforcement of foreign
Arbitral Awards in Ethiopia. As a result, this thesis would be investigated the position of
foreign arbitral awards in terms of recognition and enforcement in Ethiopia.
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Keywords
Legal and Institutional Reforms, Needed for Implementation,Convention on the Recognition