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Thursday, August 18, 2016
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 Sugust 12, 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 June 16, is effective as of August 12; however, Angola must now deposit Resolution No. 38/2016 with the Secretary-General of the UN. Only after 90 days from the date of such deposit will the New York Convention come into force for the country.
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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