News
2001

Iran accedes to New York Convention

Over recent years Iran has been giving increasing attention to international arbitration. A major step in this development was the adoption of a new law on international commercial arbitration in 1997. To this can now be added its accession to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, which took place on 15 October 2001. The more commonly known 1958 New York Convention will thus enter into force in Iran on 13 January 2002. Like a number of the Convention's other Contracting States, Iran reserves the application of the Convention to differences arising out of legal relati onships considered as commercial under its national law, and to awards made in the territory of another Contracting State. A full list of parties to the Convention can be found on the web site of the United Nations Commission on International Trade Law, UNCITRAL.