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The EU and Ukraine accede to the Hague Judgements Convention

The EU and Ukraine accede to the Hague Judgements Convention

The European Union (EU) and Ukraine acceded the Hague Judgements Convention. The Convention makes conditions for perceiving and authorizing decisions in both civil and commercial matters. It was made in 2019 to guarantee that there was a legal avenue for evaluating international court rulings on matters of trade. Prior to the Convention’s beginning, legal uncertainty around international court rulings and their consequences for business made multi-lateral trade challenging. The desire of the Convention is to guarantee that this process becomes more transparent.

The Hague Commissioner for Justice Didier Reynders pronounced that the present promotion is the perfection of years of serious efforts. By being the first to accede to the Convention along with Ukraine, the European Union prepares the way for others to join soon. The more extensive the increasing pace of States to the Hague Judgments Convention, the more powerful an instrument it will become to assist for the benefit of more citizens, more companies, and wider worldwide trade and investment

So far, just 6 states have joined the Convention, and none have endorsed it. The EU is planned to be the first state to agree to the Convention. Once the EU sanctions the Convention, all EU member states will be bound to the Convention’s terms.