The Angolan National Assembly has approved the accession of the country to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) by means of Resolution No. 38/2016, of 12 August 2016. The long-awaited adoption of the New York Convention by Angola represents a major step towards the recognition of the authority of arbitral awards irrespective the seat of arbitration or nationality of the parties involved. Specifically, up until now foreign investors had to rely solely on Angolan procedural law for enforcement of foreign arbitral awards.
Under the principle of reciprocity set forth in Article I.(3) of the New York Convention, the Republic of Angola made a reservation pursuant to which the Convention will only apply to the recognition and enforcement of awards issued in the territory of another Contracting State.
The parliament’s Resolution, adopted on 16 June 2016, is effective as of 12 August 2016. However, Angola must now deposit Resolution No. 38/2016 with the Secretary-General of the United Nations. Only after ninety (90) days from the date of such deposit will the New York Convention come into force for Angola.
It is unclear whether the Convention, once it enters into force for Angola, will be applicable to the enforcement of past arbitral awards. No doubt the Angolan courts will soon be tested on their interpretation of this and other issues arising from the New York Convention.
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