On 28th October 2020, Sierra Leone acceded to the New York Convention – considered to be the world’s most important international trade arbitration instrument.
- Arbitration is seen as an important tool to protect foreign investors and to promote foreign direct investments.
- The New York Convention can have an impact on the attractiveness of a country for foreign investment.
- More than 80 percent of the countries in the world are signed up to the New York Convention.
- Those countries that are party to the New York Convention are required to recognise and enforce arbitral awards made in other New York Convention contracting states with very limited and strictly construed exceptions. For an international investor this would mean that arbitral awards rendered outside of Sierra Leone could be more easily enforced within the country, and vice versa.
- Ratification of the New York Convention by the Sierra Leone Parliament took place just over two years ago – November 9, 2018.
- Sierra Leone becomes the 166th State Party to the Convention.
- The Convention will enter into force for Sierra Leone on 26 November 2021.