Myanmar Enacts New Arbitration Law

Up until very recently, the legislation that governed arbitrations in Myanmar was the antiquated Arbitration Act 1944. The 1944 Act mirrored India's Arbitration Act 1940 and was generally regarded as outdated and defunct. Reform of Myanmar's arbitration regime was urgently required. In the last few years, as the country has become more accessible to foreign investors with the implementation of political and market reforms, Myanmar has seen a number of changes which will dramatically impact the conduct of arbitrations in the country. It will also affect how arbitral awards can be enforced, recently culminating in the enactment and coming into force of Myanmar's Arbitration Law (Union Law 5/2016) on 5 January 2016.