A bill to implement the Obligations of the United States Under the Inter-American Convention on International Commercial Arbitration.

Provides for the implementation and enforcement of the Inter-American Convention on International Commercial Arbitration by United States courts.

Authorizes courts to issue orders to compel arbitration and to appoint arbitrators in accordance with the agreement of the parties involved, or in accordance with the Convention in the event the agreement makes no provision for arbitration.

Specifies that any arbitral decisions or awards made in the territory of a foreign State shall, on the basis of reciprocity, be recognized and enforced only if that State has ratified or acceded to the Convention.

Provides that where the requirements of the Inter-American Convention and the Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958, are met, the Inter-American Convention shall apply only if a majority of the parties to arbitration are citizens of States that: (1) have ratified and acceded to such Convention; and (2) are members of the Organization of American States.