CYIL vol. 9 (2018)

CYIL 9 ȍ2018Ȏ 60 YEARS OF THE NEW YORK CONVENTION ON THE RECOGNITION… interim measures or at least clarifying whether the drafters aimed to cover such measures or not. With the expansion of arbitration into new areas, such as environmental or IP rights disputes, the need for interim measures will intensify and enforcement of interim measures in an internationally harmonized regime would contribute to sound administration of justice and fair resolution of disputes. Conclusion Considering issues that have been identified as areas for amendment leads us to the conclusion that changes would be desirable but there is no immediate urgency to amend the New York Convention. The instrument still serves its purpose in a way that is not dysfunctional. It took 30–40 years after the signing of the New York Convention for international arbitration to become popular and the Convention can still live on without being touched for several years. Projects enhancing uniform interpretation of the Convention instead of adopting a new convention might also serve well to limit effects of legal disharmony in enforcement of foreign arbitral awards. At present, there is no equivalent global regime for enforcement of foreign court decisions. This can, however, change in the near future and international litigation may become a real rival to international arbitration. The Hague Convention on Choice of Court Agreements concluded in 2005, which came into force on 1 October 2015, 45 aims at creating a predictable system of recognition of court judgments comparable with the New York Convention regime. Contracting parties must recognize exclusive choice of court agreements in civil matters, and their courts must stay proceedings started in breach of such a choice of court agreement. They must also recognize judgments of the chosen court. If the Hague Convention on Choice of Court Agreements achieves sufficient number of contracting States, it can become an important alternative regime to the New York Convention and can change the dispute resolution landscape. More importantly, it has to be also noted that the Hague Conference has progressed with a work on a new global instrument regarding recognition and enforcement of foreign judgments facilitating resolution of cross-border disputes (“Hague Judgments Convention”). 46 By providing for the mutual enforcement of court judgments (not limited to exclusive court agreements) the Hague Judgments Convention, if ratified by sufficient number of States, can have a decisive impact on the international dispute resolution. The above in combination with the recent proposals of creating a permanent investment court might accelerate the need to make amendments to the New York Convention or to prepare a new one.

45 Status of signatory states is available at: . [Accessed: 1. 6. 2018]. 46 The final Meeting of the Special Commission produced at the end of May the 2018 draft convention. For more details see e.g. . [Accessed: 1. 6. 2018].

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