Iraq and the implementation of foreign commercial arbitration provisions-obstacles and solutions-

Abstract

The Commercial Arbitration System represents one of the most important means of settling commercial disputes between its parties through a final and fair arbitration judgment as soon as possible which is consistent with the nature of commercial transactions based on speed in the commercial field. The problem arises here when an arbitration judgment is issued in the territory of a particular country. So that the countries met and tried to reach a compromise and legal form for the purpose of recognition and implementation of such arbitral awards and concluded a multilateral international agreement, the New York Convention on the recognition and implementation of foreign arbitration in 1958.

It should be noted here that Iraq did not refer to international arbitration within the provisions of the Iraqi Civil Procedure Law No. 83 of 1969 in force and amended, and even that the decisions of the local arbitrators do not have any legal authority and are not executive editors unless reviewed and ratified by the competent court in Iraq, So how do you authorize foreign arbitration decisions.

Therefore, the importance and necessity of Iraq's accession to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards should be emphasized as it provides appropriate solutions to solve the problems of recognition and implementation of foreign arbitration judgments.