Palau Enacts International Commercial Arbitration Act

Following accession to the New York Convention on 31 March 2020, Palau enacted the implementing law on 29 April 2020, supported by the ADB Office of the General Counsel's Law and Policy Reform Program. The new law established a comprehensive and modern legal framework for international arbitration, which has become the preferred way to resolve cross-border commercial disputes. It will help improve the business climate to attract foreign investment and private sector development by providing a more stable and predictable legal environment for resolving disputes and enforcing contracts.