For information only – not an official document
UNIS/L/326
5 May 2022
VIENNA, 5 May (UN Information Service) – Turkmenistan has acceded to both the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (also commonly known as the “New York Convention”) and the United Nations Convention on Contracts for the International Sale of Goods (the “CISG”).
With its accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, effected on 4 May 2022, Turkmenistan becomes the 170th State Party to the New York Convention. The New York Convention will enter into force for Turkmenistan on 2 August 2022.
The New York Convention is widely recognized as a foundation instrument of international arbitration and requires courts of contracting States to give effect to an agreement to arbitrate when seized of an action in a matter covered by an arbitration agreement and to recognize and enforce awards made in other States, subject to specific limited exceptions.
With its accession to the United Nations Convention on Contracts for the International Sale of Goods, Turkmenistan becomes the 95th State Party to the CISG. The Convention will enter into force for Turkmenistan on 1 June 2023.
The CISG provides an equitable and modern uniform framework for the contract of sale, which is the backbone of international trade in all countries, irrespective of their legal tradition or level of economic development. Its adoption and use may contribute significantly to introducing certainty in commercial exchanges and decreasing transaction costs.
The UNCITRAL Secretariat has cooperated with the Ministry of Foreign Affairs of Turkmenistan in organizing online briefings on the New York Convention and the CISG to support the treaty consideration process. It has also cooperated with UN/ESCAP in promoting awareness in Turkmenistan of the Framework Agreement on Facilitation of Cross-border Paperless Trade in Asia and the Pacific, a treaty that Turkmenistan also acceded to on 4 May 2022.
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The United Nations Commission on International Trade Law (UNCITRAL) is the core legal body of the United Nations system in the field of international trade law. Its mandate is to remove legal obstacles to international trade by progressively modernizing and harmonizing trade law. It prepares legal texts in a number of key areas such as international commercial dispute settlement, electronic commerce, insolvency, international payments, sale of goods, transport law, procurement and infrastructure development. UNCITRAL also provides technical assistance to law reform activities, including assisting Member States to review and assess their law reform needs and to draft the legislation required to implement UNCITRAL texts. The UNCITRAL Secretariat is located in Vienna, Austria, and maintains a website at uncitral.un.org.
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For information, please contact:
José Angelo Estrella Faria
Principal Legal Officer and Head, Legislative Branch
UNCITRAL Secretariat
Email: joseangelo.estrella-faria[at]un.org
