The new law, dated 23 April 2018, has been approved by the House of Deputies on 4 July 2018. It only needs approval from President to be ratified.
The bill is based on the 2006 UNCITRAL Model law, with a couple of departures from the text.
The parties cannot agree that the subject matter of the arbitration agreement relates to more than one country in order for the case to qualify as international.
Also, it is required that all valid agreements must be in writing and they cannot be recorded orally, by conduct or by other means.
Parties also cannot agree to have an award without reasons.