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On 25 September 2020, President Joko Widodo signed Presidential
Regulation No. 97 of 2020, which ratified the Agreement between the
Indonesian government and the Singapore government on the Promotion
and Protection of Investments
(
Treaty ). The Treaty complements the
ASEAN Comprehensive Investment Agreement, which is designed to
promote greater investment flow between Singapore and
Indonesia.
Under the Treaty, investors from Indonesia and Singapore that
invest in either country will enjoy specific legal protection,
including access to international arbitration to resolve disputes.
The Treaty also affirms two principles: national treatment and most
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The recognition and enforcement of arbitration awards are of
paramount importance for the success of arbitration in the
international arena. This is well evidenced by the fact that the
enforceability of awards worldwide is considered one of
arbitration s primary advantages. Unless parties can be sure
that at the end of arbitration proceedings, they will be able to
enforce the award, if not complied with voluntarily, an award in
their form will be only a pyrrhic victory.
The New York Convention on the Recognition and Enforcement of