In the past 19th December, was published the Letter of Accession No. 10/16, of 19th December, which reflects the accession of Angola to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, especially known as the 1958 New York Convention.
The signing of the abovementioned Letter of Accession by the Angolan Head of State is yet another step towards the conclusion of the process of Angola's accession to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Widely publicized and applauded decision last August, Angola's accession to the this Convention will foster the much-cherished predictability and speed in the recognition and enforcement of arbitration awards in Angola, which will certainly help to promote Angola as an investment pole, notwithstanding the establishment of a reciprocity clause, which is a common modus operandi for this instrument of international law.
It is important to note that the signing of the New York Convention will lead to the inapplicability of Article 1097 of the Angolan Civil Procedure Code, regarding the necessary requirements for the confirmation of foreign arbitral decisions, with due reference to Articles IV and V of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
There still remains the deposit of the instrument of ratification with the United Nations Secretary-General, in order to conclude the process, thus making Angola the 157th signatory country of the New York Convention.