An arbitration award irrespective of where it was made, on the basis of reciprocity, shall be recognized as binding and shall be enforceable in the courts of this state subject to the grounds for vacating an award under Part 1 of this article and providing that the award is not contrary to the public policy of this state with respect to international transactions. Reciprocity in the recognition and enforcement of foreign arbitral awards shall be in accordance with applicable federal laws, international conventions, and treaties.