Ukraine's Ambassador to the Netherlands Vsevolod Chentsov has signed on behalf of Ukraine the Convention of July 2, 2019 on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters, the Ukrainian Justice Ministry's press service has reported.

"During a meeting of the Council on General Affairs and Policy of the Hague Conference on Private International Law, Ambassador Extraordinary and Plenipotentiary of Ukraine to the Kingdom of the Netherlands Vsevolod Centsov signed on behalf of Ukraine the Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters," the report reads.

According to the report, the Convention was adopted on July 2, 2019 following the 22nd diplomatic session of this international organization, attended by the Ukrainian delegation.

Ukraine has become the second signatory to the Convention.

The Convention is a universal multilateral instrument that sets out for the states that become parties to it the general rules that guarantee the mutual recognition and enforcement of judgments in civil or commercial matters.

According to the report, along with the 2005 Convention on Choice of Court Agreements, the Convention aims to facilitate access to justice for market participants, create for them certainty, predictability, reduction of costs, time and risks in doing business.

The Convention will enter into force on the first day of the month following the expiration of a period during which notice may be given of the establishment of relations in accordance with the Convention with the other state that has deposited its instrument of ratification, acceptance, approval, or accession.

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