20th September, 2017 The Asian Development Bank (ADB) and the Ministry of Justice co-hosted the first workshop in the Kingdom to introduce and explain to the business community and the lawyers of Tonga the benefits of Tonga acceding to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 (New York Convention) and the legal framework under the Convention to implement international commercial arbitration in Tonga.
The Tongan Government is hoping to become a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958. The New York Convention has 157 States as members and its core objective is to facilitate dispute resolution over commercial agreements between international companies and businesses. The convention enables private parties from two different Treaty States to set up a mechanism for dispute resolution by arbitration in a third member country. A decision awarded by the arbitrators is enforceable in all countries who are member States of the Convention.
International arbitration through the Convention has proven an attractive incentive for foreign investors worldwide. This is due to the stability and globally accepted form of dispute resolution that it provides for investors in member States. The New York Convention is described as the corner stone of international commercial dispute resolution.
The opening ceremony, held on Tuesday 19th September at the Tanoa Hotel was attended by Their Excellencies, the Japanese Ambassador, HE Mr Yukio Numata, the Australian High Commissioner, HE Mr Andrew Ford and the New Zealand High Commissioner, HE Ms Sarah Walsh, whose countries are also member States to the Convention. The keynote address was delivered by the Minister of Justice, Hon. Sione Vuna Fa’otusia. The ADB representative for the Region, Ms Christine Pak and the resident ADB representative for Tonga, Mr Tatafu Moeaki, were pleased to support a team of legal expert consultants led by Mr Daniel Meltz to explain and guide the participants of the workshops on the NY Convention.
Participants for the first workshop, which focused on legal aspects of the NY Convention, was well attended by the local lawyers of Tonga, lawyers from the Attorney General’s Office and also the Ministry of Justice. Participants for the second workshop, which is being held today, are members of the local business community in Tonga.
The ADB will be organizing follow up workshops on this international commercial arbitration framework over the next year.
ENDS
Issued by the: Ministry of Justice.