President Shavkat Mirziyoyev signed a decree yesterday creating the Tashkent International Arbitration Center (TIAC) under the Chamber of Commerce and Industry of Uzbekistan.
The center, as the non-governmental non-profit organization, will conduct arbitration over disputes arising from contractual and other civil law relations between business entities registered in different countries, including foreign investors on disputes over investment, intellectual property and blockchain technologies isues.
The center will also provide consultancy to local and foreign business entities, aimed at preventing the arising of investment-related disputes, including when one of the parties is the state.
Qualified foreign arbitrators, along with local experts, may be engaged as arbitrators in TIAC.
By agreement of the parties, foreign laws may be applied in the settlement of disputes.
The decisions of the arbitrators shall be binding in the territory of Uzbekistan within the procedure similar to the execution of decisions of third party courts and international treaties of Uzbekistan.
The center has the right to resolve disputes through mediation and other alternative ways within the framework of the law.
Supervisory board shall be formed within TIAC from major international and domestic arbitration experts, as well as arbitrators from renowned global arbitration centers, with the aim of implementation of international standards.
The Chamber of Commerce and Industry was instructed to prepare the draft International Commercial Arbitration bill within a month, with the assistance of international experts.