ERDEM-NEWSLETTER-2018-metin

129 ARBITRATION LAW 60 Years of the New York Convention* Att. Melissa Balikci Introduction The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (“New York Convention” or “Conven- tion”) was concluded on 10 June 1958. This year, the New York dated 10 June 1958/New York Convention” Convention celebrates its 60th anniversary. The Convention has immensely influenced the field of international arbitration, and is accepted as one of the most successful treaties in the area of commercial law. The Convention has also influ- enced many international texts, and has served as a model. Notable examples include the UNCITRAL Model Law on International Com- mercial Arbitration (“Model Law”), and the UNCITRAL Arbitration Rules. It should be noted that the International Arbitration Act num- bered 4686 is based on the Model Law, as well. There are currently 157 States adhered to the Convention, which corresponds to approximately 80.5% of the entire World 1 . This article gives a brief account of the historical background of the New York dated 10 June 1958/New York Convention” Convention, a synopsis of what it deals with and, finally, discusses whether there is need to revise the Convention. Historical Background Previous to this Convention, the validity and enforcement of arbitration agreements and foreign arbitral awards was subject to the Geneva Protocol on Arbitration Clauses of 1923 and the Geneva Convention on the Execution of Foreign Arbitral Awards of 1927. The * Article of June 2018 1 For the full list of signatories: http://www.uncitral.org/uncitral/en/uncitral_texts/ arbitration/NYConvention_status.html (Access date: June 2018).