OREANDA-NEWS. June 25, 2013. The Chamber of Commerce and Industry of Uzbekistan in cooperation with the Ministry of Foreign Economic Relations, Investment and Trade, Ministry of Justice held a seminar titled “Actual issues of introducing international commercial arbitration in Uzbekistan”.

The seminar aimed to discuss the implementation of the conceptual issues of international commercial arbitration in the country, to analyse the law and practice of commercial arbitration in foreign countries, to confer about proposals for further improvement of the legal framework.

It was attended by deputies of the Legislative Chamber of the Oliy Majlis of the Republic of Uzbekistan, representatives of the Constitutional, Supreme and Economic Courts, arbitration courts, officials of the Ministries of Justice, Economy, Finance and other concerned agencies, scientists and researchers of universities and research institutes, leading international experts.

Chairman of the Chamber of Commerce A.Shayhov, First Deputy Minister of Justice E.Kanyazov and others noted that an effective legal framework to promote a favorable investment climate, which turned into the guarantor of the rights and legitimate interests of enterprises with foreign capital has been created in Uzbekistan. Uzbekistan has signed 50 bilateral agreements on promotion and mutual protection of investments, and ratified a number of multilateral international instruments in this field. These agreements govern the promotion and protection of investments, compensation for damage caused to investments, free transfer of investments abroad, as well as the procedure for settling investment disputes.

As was emphasized at a seminar in international practice disputes arising between the parties in connection with the investment, are resolved through consultation between the parties, and in case of failure to reach an agreement between the parties - by the proceedings in the courts of the host country of investment, or taken to international arbitration. Consent for the dispute to be taken to international arbitration are to be prescribed in the agreements concluded between States or within the framework of agreements between the investor and the host country of investment. This, in turn, stimulates the states seeking to protect the investment of their citizens on the territory of other countries to enter into similar agreements.

According to intergovernmental agreements of the Republic of Uzbekistan on promotion and mutual protection of investments there is a possibility to transfer investment disputes to arbitration or "ad hoc"  arbitration (arbitration specially created to settle a dispute). Thus, the country provides all the necessary legal guarantees to enable the possible investment disputes in accordance with the generally recognized rules of international law.

At present, in accordance with the program of measures to implement the Concept of further deepening democratic reforms and formation of civil society in the country, proposed by President Islam Karimov, the work on the draft law "On International Commercial Arbitration" is ongoing. In this process, best practices of leading foreign countries and universally recognized norms of international law are under scrutiny.

The discussions covered the key provisions of the UNCITRAL Arbitration Rules, legislation and the rules of arbitration in Germany, France, Japan and other countries.

The findings and proposals developed by the participants of the scientific and practical seminar will serve to further improve the legal framework for the protection of the rights and interests of investors, creating favorable conditions for the expansion of trade and investment relations with other countries and strengthen the legal mechanisms for the settlement of investment disputes.