International Arbitration Act of 1986 - Deems an agreement to arbitrate pursuant to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards to constitute consent to proceedings to recognize, confirm, or enforce any arbitral award made pursuant to such agreement. Declares that neither the Federal act of state doctrine nor the doctrine of sovereign immunity shall constitute grounds for refusal or deferral of recognition, confirmation, or enforcement of any such arbitral award against a foreign state or an agency of a foreign state.