Bearing in mind the complexity of current commercial transactions triggered by globalization, businesspeople have increasingly trusted arbitrators to solve their disputes. The success shown by this alternative dispute resolution mechanism has been greatly influenced by the New York Convention. Nonetheless this treaty was developed in the 50’s, what raises questions such as whether the Convention is still suitable for contemporary international commercial arbitration processes, or if contrary to that affirmation, arbitration practice has already surpassed its premises. Thus, this paper it’s the first one of five in which authors make specific recommendations about the updating of the New York Convention, with the perspective of guaranteeing its continuity in complying with its ratio legis.