As informed in our Legal Alert dated 17 August 2016, the Angolan National Assembly 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.
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.
Another step has now been taken towards the recognition of the authority of foreign arbitral awards according to international standards. Indeed, the President has now issued the formal instrument of ratification of accession to the New York Convention, required under Angolan law, through Letter of Accession dated 5 December 2016, published in the Official Gazette on 19 December 2016.
Such instrument must now be deposited with the Secretary-General of the United Nations, ninety (90) days after which the New York Convention shall come into force in Angola.
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