Senator Courtenay Says New York Convention Not Retroactive

Eamon Courtenay

Senator Courtenay also explained that upon ratification, the Government of Belize will enter a reservation. It will take the position that the ratification of the New York Convention has no retroactive feature.

Eamon Courtenay, Senator for Government Business

“The formality of ratification provides no legal benefit because it is already part of the law in Belize. Nevertheless, the government has sought legal advice and we have been advised that one step that can be taken which will give an assurance is when Belize ratifies it enters a reservation. What does that mean? That Belize will say we ratify this convention but we reserve the position that it will have no retroactive effect. It will not apply as far as Belize is concerned to awards made prior to Belize’s formal ratification. It is the intention of the government Madam Speaker that if this side authorizes ratification to enter a reservation as advised by international arbitration experts to the effect that Belize’s ratification is on the basis that it will not have retroactive effect.   I have had consultation with members of the Senate prior to today seeking  to address their concerns. I am aware that high ranking government officials have also had consultations with members of the senate seeking to address their concerns. Madam President, I say with emphasis senators have been assured that this ratification has absolutely nothing to do with Michael Ashcroft and his companies. This Madam President and members is a resolution about debt management. It is about investment confidence. It is about rule of law. And it is about sound diplomacy and I hope Madam President that after today it will enjoy the support of the senate.”