Maldives has officially signed the Convention of Recognition And Enforcement of Foreign Arbitral Awards (New York Convention).
Attorney General Ibrahim Riffath said joining the convention will provide a solution to the efforts of the government in establishing a good arbitration system in the Maldives. While the convention will gain the trust of foreign investors and create investor-friendly environment in the Maldives, it would also increase the number of foreign investments in the Maldives, said Riffath.
Rifath, who signed the convention of behalf of the Maldivian government said it would also facilitate easier reviewing and decision-making in cases pertaining to international agreements.
"The accession to New York Convention by the Maldives is a historic milestone. It reiterates GoM’s commitment to improve and enhance ADR mechanisms in the Maldives and create a more enhanced investment climate for businesses and promote investor confidence", wrote Riffath on Twitter.
As part of the convention, Maldives will be obligated to enforce the awards of international arbitration courts in Maldivian courts.