BAKU, Azerbaijan, May 6. Turkmenistan has joined the New York Convention on the recognition and enforcement of foreign arbitral awards and the UN Convention on Contracts for the International Sale of Goods (CISG), Trend reports citing Business Turkmenistan news agency.
The New York Convention is recognized as a fundamental instrument of international arbitration, and also applies to the recognition and enforcement of foreign court decisions.
At the same time, CISG provides a modern uniform basis for the contract of sale, which is the basis of international trade in all countries, regardless of their legal traditions or level of economic development. It is expected that the adoption and use of this convention will make a significant contribution to improving commercial exchanges and reducing transaction costs.
The UN Convention on Contracts for the International Sale of Goods (CISG) is a multilateral international agreement aimed at unifying the rules of international trade.