The President announced the newly amended Paragraph 2 of Article 47 of the Arbitration Act on December 2, 2015.  Before the amendment, a foreign arbitral award could constitute a ground for enforcement after recognition by a court, but could nevertheless be subject to challenge on the merits.  The new law provides: “a foreign arbitral award, after an application for recognition has been granted by the court, shall have the same binding effect between the parties as a final court judgment, and shall be enforceable.”  In other words, a recognized foreign arbitral award will be substantially binding and enforceable, and will no longer be subject to challenge on the merits.