The worldwide-known New York Convention has been recently ratified also by Ethiopia.
This is a significant step forward in Ethiopia’s path towards a more arbitration-friendly environment and a fundament tool which will strength international business in the country.
With its basic and essential principles, the New York Convention safeguards international arbitration agreements and provide for a simplified procedure for the recognition and enforcement of foreign arbitral awards.
The beneficial effects of the said ratification are twofold: Ethiopia will attract more foreign investments and investors who, in turn, will benefit from the possibility to recognize a foreign award in that country and to conduct international arbitrations having their seat in Ethiopia.
Our International Arbitration Focus Team and Ethiopia Team analyze positive effects of the ratification in the document available here.