Myan­mar Em­braces In­ter­na­tional Com­mer­cial Ar­bi­tra­tion

Thai-American Business (T-AB) Magazine - - Legal Updates -

Myan­mar is en­ter­ing a new chap­ter in its com­mer­cial ar­bi­tra­tion his­tory – on Jan­uary 5, 2016, the coun­try en­acted a new Ar­bi­tra­tion Law ( Py­i­h­taungsu Hlut­taw Law No. 5, 2016), re­form­ing its do­mes­tic leg­is­la­tion to meet its obli­ga­tions un­der the Con­ven­tion on the Recog­ni­tion and En­force­ment of For­eign Ar­bi­tral Awards 1958 ( New York Con­ven­tion). The Ar­bi­tra­tion Law of 2016 pro­vides for­eign in­vestors with the op­tion to re­solve com­mer­cial dis­putes be­fore a do­mes­tic or for­eign in­de­pen­dent tri­bunal of the par­ties’ con­tracted choice. It also re­quires Myan­mar courts to en­force and rec­og­nize for­eign ar­bi­tral awards which are gen­er­ally sup­ported by due process and not in op­po­si­tion to the na­tional in­ter­ests or poli­cies of Myan­mar. For more in­for­ma­tion con­tact Tilleke & Gib­bins at michael. r@ tilleke. com.

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