Prospects of Development of International Commercial Arbitration in Uzbekistan
ADB and the University of World Economy and Diplomacy convened a conference on the development of international commercial arbitration in Uzbekistan, following the enactment of the Law on International Commercial Arbitration (ICA Law) which was supported by ADB. The conference was attended by representatives of the Oliy Majlis, Supreme Court, Higher School of Judges, Ministry of Justice, Ministry of Foreign Affairs, Ministry of Foreign Trade and Investment, academia, legal community, and private sector. Principal Counsel Christina Pak made opening remarks congratulating the Government of Uzbekistan for taking a significant step forward with the adoption of the ICA Law based on the UNCITRAL Model Law on International Commercial Arbitration, a globally recognized model law with add-ons reflecting international best practices. She also highlighted that the effective implementation of the ICA Law will be critical to the advancement of international arbitration in Uzbekistan. To this end, the Ancillary Law needs to be put in place clearly setting out the procedural aspects of international commercial arbitration and capacity building needs to be delivered to the economic courts judges, legal community, and private sector. This will have a positive impact on the attractiveness of Uzbekistan as a place to invest and do business.