International arbitration to provide unbiased disputed resolution mechanism for international investors
Myanmar’s long isolation from the international community has meant that it has lacked many of the protections available to international investors elsewhere. It is therefore very encouraging that on 7 March 2013 the Myanmar parliament agreed to sign the New York Convention on the Recognition and Enforcement of arbitral awards.
There is an excellent blog post here for anyone looking for a detailed analysis of current protections and how this move will reinforce provisions of Myanmar’s Foreign Investment Law and the ASEAN Comprehensive Investment Agreement. However, at a very high-level once Myanmar signs the New York Convention and effectively implements appropriate provisions into Myanmar domestic law it will mean that private parties can have disputes resolved by international arbitration outside Myanmar with the award enforced in Myanmar.