On 15 July 2013, Myanmar acceded to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards, generally referred to as the “New York Convention”.
The New York Convention seeks to provide common legislative standards for the recognition of arbitration agreements and court recognition and enforcement of foreign and non-domestic arbitral awards. The Convention's principal aim is that foreign and non-domestic arbitral awards will not be discriminated against and it obliges parties to the Convention to ensure such awards are recognized and generally capable of enforcement in their jurisdiction in the same way as domestic awards.
The New York Convention is considered as a cornerstone of international commercial arbitration. It remains however to be seen, how Myanmar will implement the provisions of the Convention (which is usually done through national legislation) and how its Courts will give effect to it.