Serbia is a Member State of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards which enables recognition and enforcement of arbitral awards rendered in Serbia in more than 165 other Member States. The list of Member States of the Convention may be accessed here.
This in effect means that awards rendered under the Belgrade Arbitration Rules will generally be enforceable all around the world. Enforceability of awards is an important advantage. A company may decide to refer a dispute to arbitration under the Belgrade Arbitration Rules, knowing that arbitration awards are more likely to be enforced abroad than Serbian court judgments.
The full text of the 1958 UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the New York Convention) in the English Language is available here.
Additional information about the New York Convention and its application before the national court of more than 165 State parties is available at: http://www.newyorkconvention.org and http://newyorkconvention1958.org/
ICCA’s Guide to the Interpretation of the 1958 New York Convention – in Serbian – can be downloaded here.