On July 15, 2013, Myanmar acceded to the New York Convention on the Recognition of Enforcement of Foreign Arbitral Awards 1958 (the "New York Convention"). The next step is for Myanmar's parliament to implement domestic legislation setting out the necessary framework for the Myanmar courts to give effect to dispute resolution mechanisms contractually agreed between parties and for the enforcement of foreign arbitral awards in Myanmar.
Pending such implementation, the current arbitration regime as set out below will continue to apply. In their selection of the dispute resolution mechanism to be applied in respect of their investments in Myanmar, foreign investors would need to consider the potential impact of the current investment regime as well as the transitional period prior to the full implementation of the New York Convention.
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