The Cabinet in its meeting has today decided that the Maldives should accede to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention).
The cabinet also decided, in accordance with Article 93(a) of the Constitution, to send the matter to the People’s Majlis as soon as possible. Article 93 (a) of the Constitution states that “treaties entered into by the Executive in the name of the State with foreign states and international organizations shall be approved by the People’s Majlis, and shall come into force only in accordance with the decision of the People’s Majlis”.
The members of the cabinet noted that acceding to the Convention would provide legislative standards for the recognition of arbitration agreements. They also noted that Maldives accession to the Convention would create investor-friendly environment in the Maldives.
At today’s meeting, the President briefed the cabinet on his recent visit to Germany, Iceland, Switzerland and Finland.