Moldova has taken the first step towards accession to the Hague Convention on Choice of Court Agreements, approved in 2005. The first reading of the draft law on accession was approved by 61 MPs.
This international treaty is aimed at streamlining trade and economic relations between the countries. The main objective of the convention is to provide parties involved in business agreements and international disputes with greater legal clarity and predictability. To this end, an optional dispute resolution mechanism is established.
The Hague Convention on Choice of Court Agreements promotes investment and international trade by providing economic participants with the necessary legal certainty. Parties to the agreement can be assured that only the courts of their choice will hear disputes and their decisions will be recognised and enforced outside their own country. The draft law on accession will be considered by the Parliament at the second reading.
