Tashkent International Arbitration Center to be created under Chamber of Commerce and Industry
Tashkent, Uzbekistan (UzDaily.com) -- Tashkent International Arbitration Center (TIAC) under the Chamber of Commerce and Industry of the Republic of Uzbekistan is being established in Uzbekistan.
President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On establishment of Tashkent International Arbitration Center (TIAC) under the Chamber of Commerce and Industry of the Republic of Uzbekistan”.
The document noted that the Center will have the status of a non-governmental non-profit organization.
The Center will resolve disputes, arising from contractual and other civil law relations arising between commercial organizations through international arbitration. The center will also resolve disputes related to investments, intellectual property and blockchain technologies.
Also, the new structure will develop and improve dispute resolution mechanisms through international arbitration and other alternative dispute resolution methods.
The Center will participate in implementation of measures for 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 the organization of research in this area.
Among the objectives of the Center is to provide consulting services to domestic and foreign economic entities, including foreign investors, in the field of preventing the emergence of disputes related to investments, including one of the parties of which is the state.
Along with experts from among the citizens of the Republic of Uzbekistan, qualified arbitrators - citizens of foreign countries can also be involved as arbitrators in the Center.
By agreement of the parties, other rights, including those of a foreign state, may be applied in the resolution of disputes by arbitrators of the Center.
Decisions of arbitrators of the Center are subject to execution on the territory of the Republic of Uzbekistan in the manner prescribed by law for the execution of decisions of arbitration courts, as well as international treaties of the Republic of Uzbekistan, the resolution stated.
Correspondence and record keeping at the Center is conducted in Uzbek, Russian and English.
According to the document, the courts assist the Center in carrying out arbitration proceedings in terms of obtaining, collecting evidence, taking measures to ensure the implementation of the decisions of the Center’s arbitrators within its competence and in the manner prescribed by law.
Arbitrators of the Center - non-residents of the Republic of Uzbekistan are exempted from paying personal income tax in terms of funds received as a fee for performing the functions of an arbitrator.
In order to attract foreign citizens as arbitrators of the Center and experts involved in resolving disputes through international arbitration, permits for the right to work in the Republic of Uzbekistan are not required.
Accepting applications for dispute resolution through international arbitration, as well as holding hearings and other proceedings, can be carried out online using modern information and communication technologies without the presence of arbitrators and parties.
Representatives of the parties involved in resolving disputes through international arbitration at the Center, when reviewing arbitral awards in the competent courts of the Republic of Uzbekistan, as well as when considering any issues in the arbitration disputes considered at the Center, do not require a license to practice law.
The Center has the right to resolve disputes through a mediation procedure and other alternative dispute resolution in the manner prescribed by law.
Funds of legal entities, which are used to pay arbitration costs related to the settlement of a dispute in the Center, are exempt from value added tax.
The resolution emphasized that the OSCE and the UNDP offices in Uzbekistan have expressed interest in providing support and assistance in organizing the activities of the Center.