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Myanmar deposited its instrument of accession to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards ("Convention") with the Secretary General of the United Nations on 16 April 2013. The Convention took effect on 15 July 2013.
With the coming into operation of the Convention, foreign investors in Myanmar now have the option to use neutral arbitration forums outside Myanmar to resolve contractual disputes that may arise between them and their Myanmar counterparts. They will also be able to enforce international arbitration awards against assets and properties located in Myanmar.
Myanmar's decision to accede to the Convention is a welcome step towards opening up to the arbitration community and laying down a more transparent dispute resolution mechanism in the country. The domestic laws to bring the Convention into force have not been passed by the legislature yet, although this is anticipated to take place within the next few months. Although it remains to be seen how the provisions of the Convention will be incorporated into domestic law, and how the judiciary will deal with enforcement actions, Myanmar’s accession will offer some comfort to foreign parties looking to explore business opportunities in the country.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Myanmar Company Limited
Room No. 408(A), Prime Hill Business Square, No. 60, Shwe Dagon Pagoda Road, Dagon Township, Yangon, Myanmar http://mm.rajahtannasia.com
Contacts: Chester TohDirectorD +65 62320220chester.toh@rajahtann.comJainil Bhandari DirectorD +65 62320601jainil.bhandari@rajahtann.comRajah & Tann Asia is a network of legal practices based in Asia. | Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. | This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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