An International Commercial Arbitration court with a panel including foreign judges could be established in Uzbekistan this year. A draft law on this, developed by the Chamber of Commerce, has been published for discussion on the Single portal of online public services.
The draft provides for the regulation of all stages of the arbitral process - conclusion of arbitration agreement, as well as the conditions and procedures for recognition and enforcement of an arbitral award.
The draft law refers to the independence and impartiality of arbitrators and final and binding nature of awards as the basic principles of International arbitration.
The composition of the arbitral court may be formed from among Uzbek and foreign nationals, twenty-five years old or older, the draft law specified.
The Ministry of Justice noted that the International court in Uzbekistan will make arbitration more accessible and less expensive for local entrepreneurs due to costs associated with travel, attorneys' fees, translators and others.
It is planned to discuss the draft till mid-January and the law may come into force in April this year.
