Commercial Arbitration 2017

INFRASTRUCTURE

1. The New York Convention

Is your state a party to the New York Convention? Are there any noteworthy declarations or reservations?

Yes. The reservations made upon accession are as follows:

• the Convention applies only to differences considered commercial under Romanian legislation; interestingly, the term "commercial" is no longer used under existing legislation, being replaced by the concept of "relationships between professionals"; the new concept does not entirely correspond to the former scope of "commercial" matters as previously defined, but recent court decisions concerning arbitration matters equate the two concepts;
• the Convention applies to the recognition and enforcement of awards made in another contracting state; as to awards made in non-contracting states, the Convention applies only on reciprocity basis.