Basis for Commercial Dispute Resolution to be Improved
The Development Strategy Center initiated an international round-table discussion on ‘International Arbitration: Experience of Uzbekistan and Foreign Practices’. The meeting was organized in cooperation with the Committee on Combating Corruption and Judicial-Legal Issues of the Legislative Chamber of the Oliy Majlis and Regional Dialogue INGO.
The event brought together members of the Legislative Chamber of Oliy Majlis, representatives of the Ministry of Justice of the Republic of Uzbekistan, the Chairman of the American-Uzbekistan Chamber of Commerce, as well as representatives of international law firms and law experts.
The participants spotlighted the issues of creating an enabling legal environment for foreign investors through the implementation of modern standards of international arbitration to foster foreign investments, discussed international experience and practices, and ways to create a favorable investment climate in Uzbekistan.
Eldor Tulyakov, Executive Director of the Development Strategy Center, Member of the Legislative Chamber of the Oliy Majlis:
“As you know, the investment attractiveness of Uzbekistan has scaled up in recent years as a result of active reforms aimed at further strengthening of our national economy. The efforts taken have helped increase the number of companies with foreign capital and drawing foreign direct investment.
Consequently, strengthening of the legal framework of social relations in this area has become the requirement of the time. Step by step, the issue has been addressed in the course of implementation of the Strategy of Actions. Specifically, the State Program for the current year envisages the development of a draft law of the Republic of Uzbekistan ‘On international commercial arbitration’. The round table discussion is called to improve the draft of this document by making significant proposals, analyzing it, with an eye to international practices and experience.”
Carolyn Lamm, Chair, American-Uzbekistan Chamber of Commerce:
“It is extremely important that the Development Strategy Center is implementing the projects to address such important issues as improving the judicial legislation and the investment climate in the country. In recent years, the country's leadership has been spotlighting the issues of advanced training of specialists in this field. Local specialists now have a chance to undergo internship at the leading foreign law firms and companies. I believe they will take advantage of this opportunity, because this is how specialists can learn from the experience of introducing international arbitration. It is also useful to participate in all sorts of related discussions, as they motivate for the development of an arbitration institution in the country.”
The guests emphasized that the international commercial arbitration might help create an individual approach to dispute resolution procedures, and make it a powerful tool for resolving complicated commercial disputes. It was noted that the countries that wish to increase the flow of foreign investment in their economies should strive to develop the areas of international commercial arbitration at both legislative and enforcement levels.
Along with that, the participants pointed out to the need of strengthening the guarantees of protecting the rights and legitimate interests of investors by adopting modern international standards of resolving investment disputes, improving the investment environment and protecting the rights and legitimate interests of investors. It is important that the draft document, which was actually developed for this purpose, was applied comprehensively and carefully. The participants made proposals to address the issue based on international legal regulations, national specifics and experience.
The proposals will be summarized by the Development Strategy Center and submitted to the working group.
Representatives of the known Cleary Gottlieb Steen & Hamilton International Law Firm also took part in the discussion. They presented new valuable books on international law for the Development Strategy Center library.
Press Service of the Development Strategy Center