Introduction of intl commercial arbitration discussed in Uzbek capital
17/06/2013 18:34
Introduction of intl commercial arbitration discussed in Uzbek capital
17/06/2013 18:34
Tashkent, Uzbekistan (UzDaily.com) -- Chamber of Commerce and Industry of Uzbekistan in cooperation with the Ministry of Foreign Economic Relations, Investment and Trade, Ministry of Justice and the UN Development Programme organized a seminar titled “Actual issues on introduction of international commercial arbitration in Uzbekistan”.
The event is aimed at discussion issues on introducing international commercial arbitration in Uzbekistan, analysis of legislation and practice of commercial arbitration in foreign states, discussing and developing proposals on improving legislative base in Uzbekistan.
It was attended by MPs of Legislative Chamber of Oliy Majlis of Uzbekistan, representatives of Constitution Court, Supreme Court, Supreme Economic Court, ministries and departments and others.
The participants underlined that Uzbekistan created necessary legislative base, which ensure favourable conditions and legal guarantees of attracting investments and operation of enterprises with foreign investments.
It was noted that existence of favourable investment climate envisages creation of existing system on ensuring property rights of investors, which could guarantee rights of investors and provide necessary tools and ways of protection of their rights at investment disputes.
At the international practice, investment disputes as usually solved within consultations of the sides and if the sides cannot reach agreement, the dispute can be solved at courts of the country, which received investments, or at international arbitration. At the same time, the consideration of the disputes at international arbitration should be included to investment agreement, which is signed between the investors and the country, which receives investments.
It was stated that in line with the intergovernmental agreements on mutual encouragement and protection of investors, which were signed by Uzbekistan, envisages transfer of investment disputes to existing arbitrations or ad hoc arbitrations. So, Uzbekistan created all necessary legal guarantees for solving possible investment disputes in line with international laws.
Currently, Uzbekistan works on development of draft law “On international commercial arbitration”. In the process, Uzbekistan is studying experience of foreign countries and general norms of international law.
During the meeting, the sides considered regulations of standard law of UNCITRAL, legislative norms and rules of arbitration of the CIS, Germany, France, Japan and other countries.
The participants of the seminar noted that it is necessary to improve legislative base on protection of rights and interests of investors, creation of favourable conditions of expanding trade-investment relations with other countries and strengthening legal mechanisms of solving investment disputes.
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