Overview and Challenges of Albanian Legislation under the New York Convenction (for Recognition and Enforcement of Foreign Arbitral Awards)

Abstract

In today's world, in the absence of supranational jurisdictions, international arbitration with its decisions, data from courts of arbitration, have served and will serve as an opportunity to restore credibility and integrity on the international economy. Recent years will mark a greater momentum on bilateral and multilateral agreements, as a real opportunity for foreign investors. Which invest despite political regimes or absence of jurisdictions in their countries? Among the most important conventions can be mentioned the New York Convention on the recognition and enforcement of foreign judgments. Without any doubts, it can be cited as the convention that has brought business cooperation relationships closer resulting in trust on the recognition of decisions in the most perfect way. As any current legislation, Albanian legislation is facing challenges and should reflect on its relations with foreign elements. Therefore, part of the discussion will be the opportunities and deficiencies of the Albanian legislation in comparison to the guidelines of the New York Convention. DOI: 10.5901/mjss.2014.v5n27p259