The 1958 New York Convention is indeed one of the most important instruments in international arbitration, contemplating not only the enforcement of arbitral awards, but also the enforcement of arbitration agreements under Article II (3). One of the perceived shortcomings of the Convention is the fact that it does not define which types of arbitration agreements can be enforced under it. The article takes into account some national legislations and judicial interpretations on the matter and contemplates the ways of interpreting the Convention so as to fill this gap. In this regard, Article II (3) is interpreted in conformity with Article I, which defines the Convention's scope of application based on the seat of arbitration. Moreover, this article discusses briefly a recent attempt to address the aforementioned shortcoming through the introduction of a hypothetical draft convention which would modernize the New York Convention.
ASA Bulletin