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International Arbitration Awards: A Step Closer to Fair Dispute Resolution

Geneva, Switzerland - The European Convention on International Commercial Arbitration of 1961 and its subsequent Paris Agreement in 1962 have paved the way for a more efficient and effective dispute resolution mechanism in international trade. This convention has been a cornerstone of international arbitration, providing a framework for resolving commercial disputes between foreign investors and their host countries.

Arbitral Awards: A Binding Force

In the Republic of Moldova, arbitral awards are binding on the parties involved, as per Article 16 of the country’s Law on Foreign Investments. This means that once an award is made by an arbitrator or a tribunal, it becomes a final and enforceable decision.

Foreign Investors’ Rights

The law also provides for several rights of foreign investors in Moldova, including:

• The right to take possession of real estate
• The right to convert currency
• The right to export profits
• Enjoyment of guarantees and facilities
• The right to own real estate on the territory of Moldova for business purposes (Article 22 of the Law on Foreign Investments)

Public Authorities’ Role

The Government of Moldova is responsible for developing and executing a state policy in investment activity, as per Article 24 of the law. The Ministry of Economy serves as an executive agency, authorized to carry out the investment policy and coordinate activities aimed at attracting investments to the country.

Conclusion

The European Convention on International Commercial Arbitration and its subsequent Paris Agreement have played a significant role in promoting fair dispute resolution mechanisms in international trade. The Law on Foreign Investments in Moldova provides a framework for resolving commercial disputes between foreign investors and their host countries, while also granting foreign investors several rights and guarantees. As the global economy continues to evolve, it is crucial that we build upon these foundations to ensure a more efficient and effective dispute resolution mechanism.

Sources:

• European Convention on International Commercial Arbitration (1961)
• Paris Agreement (1962)
• Law on Foreign Investments in Moldova (2004)