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The American-Uzbekistan Chamber of Commerce (AUCC) seeks to promote trade and investment ties, cultural exchanges and bonds of friendship between the United States of America and the Republic of Uzbekistan. In performing these functions, the AUCC places primary emphasis on serving the needs and interests of its members.
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Uzbekistan to legislatively approve principle of mutual consent to international arbitration
This autumn the Government of Uzbekistan is going to develop and to submit to the Parliament of the country amendments to the Law 'On guarantees and measures of protection of foreign investors' rights, establishing the principle of mutual consent to participation in international arbitration, First Deputy Minister of Justice of the country Esemurat Kanyazov said at the international conference 'Oil and Gas of Uzbekistan'.
In particular, amendments to the Article 10 regulating issues of settlement of investment disputes will be submitted for consideration by the parliament.
"This article only defines possible options of solving investment disputes, and does not provide for Uzbekistan's consent to the submission of all arising disputes for the arbitration. But some investors wrongly interpret this aspect, and we have to clarify this," Deputy Justice Minister said.
According to Kanyazov, the amendment will fix the situation, providing for the consideration of Uzbekistan's consent to submission of investment disputes for international arbitration in each case separately and expressed in written form.
In recent years a number of foreign companies have declared their application to an international arbitration or their intention to apply in response to the actions of the Uzbek Government in connection with their business in the country.
In a number of cases, the Government of Uzbekistan has not provided its written consent to arbitration, referring to the lack of an appropriate legal framework.
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