TASHKENT, September 11. / IA “Dunyo”/. The Law "On international commercial arbitration" was approved by the senators of the Republic of Uzbekistan in the Seventh Plenary Session of the Senate of the Oliy Majlis, reports IA “Dunyo” correspondent.
The senators agreed that the organization and termination of international commercial arbitration courts in Uzbekistan require a legal regulation, determining the basic principles of the international commercial arbitration court, as well as reliable protection of the rights and legitimate interests of foreign investors and national companies in their relations with foreign partners.
The Law aims at reducing the costs of economic entities when considering disputes, improving the image of the country in the region in terms of resolving disputes under international treaties.
The senators instructed the authorities to promote it, develop and implement the necessary mechanisms for its full implementation, given that the law will come into force six months after its publication in the media.
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