Convention Encourages Cross Border Trade
The adoption of the New York Convention by 160 countries, including Fiji has encouraged cross border trade and investment, passport and elements of the infrastructure for international trade investment.
Delivering his keynote address at the Dawn of International Arbitration in the South Pacific Regional International Arbitration Conference at Westin on Denarau, the president of the Asia Development Bank International Arbitration Consultant Gary Born this was the reason why so many countries have adopted the New York convention.
“Basically it describes the past present and future of International arbitration with the focus on the Pacific.” Mr Born said the Convention described how arbitration had been used over 5000 years.
He said it was used to solve land disputes of customary law to arbitration to the ancient Greek and Romans to the medieval trade deals used in villagers in China by early settlers and the United States to resolve business disputes.
“The countries around the world have used it all because they see arbitration as the rule of law and also to encourage trade and development.
“They see arbitration as more efficient, more expedition and more enforceable.” He said the Convention was adopted here in Fiji last year in September.
“How important was this step by Fiji for the region. “So that is why businesses use it to provide the predictable and certainty that they need for cross boarder trading.”