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Int'l arbitration center to be established under Chamber of Commerce in Tashkent

6 November 2018 16:49 (UTC+04:00)
Int'l arbitration center to be established under Chamber of Commerce in Tashkent

By Trend

The international arbitration center (TIAC) will be established in Tashkent under the Chamber of Commerce and Industry, says the relevant resolution signed by President of Uzbekistan Shavkat Mirziyoyev, Uzbekistan News reported Nov. 6.

The main tasks of the center will be:

- organizing, through international arbitration court, the settlement of disputes arising from contractual and other civil law relations developing between commercial organizations that are in different countries, in particular foreign investors, including the disputes related to investments, intellectual property and blockchain technologies;

- development and improvement of dispute resolution schemes through international arbitration court and other alternative dispute resolution methods;

- setting up cooperation with leading foreign arbitrators, exchange of experience in the field of dispute resolution through international arbitration court, as well as attracting foreign arbitrators to resolve disputes in the Center;

- participation in the implementation of measures for the training and advanced training of specialists in the field of international arbitration and out-of-court settlement of disputes, including those related to investments, as well as organization of research in this area;

- provision of consulting services for domestic and foreign economic entities, including foreign investors, in the field of preventing the emergence of disputes related to investments, including the disputes one of the parties of which is the state.

Also the Supervisory Board consisting of the leading international and national experts in the field of arbitration, is being established under the Center.

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