Iraq to accede to the New York Convention
Iraq has announced that it is in the process of finalising its accession to the New York Convention. The New York Convention provides for the enforcement of foreign arbitral awards within its 157 contracting states.
Iraq is currently a signatory to a number of regional multilateral enforcement treaties. However, the enforcement regime provided by those treaties is limited in scope due to the small number of signatories.
Following Iraq’s accession to the New York Convention, any arbitral award rendered by a tribunal seated in a New York Convention contracting state should, in principle, be recognised and enforceable in the Iraq Courts. However, the key to establishing Iraq as an “arbitration friendly” jurisdiction will be a track-record of the Iraq Courts enforcing foreign arbitral awards under the New York Convention regime.