EU first to accede to Hague Judgements Convention
Justice - Photo © Yanchenko - Fotolia
(BRUSSELS) - The European Union became the first country to accede to the Hague Judgements Convention Monday, seen as an important tool to facilitate rules-based multilateral trade and investment.
The Convention sets out conditions for the recognition and enforcement of judgements in civil and commercial matters, including consumer and employment contracts, and possible grounds for their refusal.
The EU's accession will bring legal certainty and predictability for European businesses, operating in different countries, including outside the EU. Ukraine also joined the Convention today.
The EU Commission said the accession was a culmination of years of intense efforts. "By being the first to accede to the Convention together with Ukraine, the European Union paves the way for others to join soon," said the EU's Justice Commissioner Didier Reynders: "The wider the accession rate of States to the Hague Judgments Convention, the more powerful an instrument it will become for the benefit of more citizens, more companies, and wider international trade and investment."
To date, six States have signed the Hague Judgments Convention. The Convention was drawn up in 2019, because diverse laws and practices around the globe made recognition and enforcement of foreign judgments challenging, if not impossible.
The EU executive says the legal uncertainty as well as the associated costs for businesses often hindered the flow of international trade and investment, ultimately denying them justice.
Proposal EU accession Judgments Convention and annex - 16 July 2021
Impact Assessment report EU accession Judgments Convention - 16 July 2021
Executive summary of the Impact Assessment report - 16 July 2021
Final report study accession Judgments Convention - 16 July 2021