Uzbekistan Approves Bill to Join Singapore Convention

Uzbekistan's Oliy Majlis Legislative Chamber has given its initial approval to a proposed law concerning the nation's adoption of the Singapore Convention on Mediation. This United Nations Convention on International Settlement Agreements Resulting from Mediation aims to standardize the legal framework for recognizing and enforcing mediated settlement agreements in international commercial disputes among signatory countries.

The proposed legislation outlines Uzbekistan's commitment to this international accord. During deliberations, it was highlighted that this accession would streamline the enforcement of mediated commercial dispute resolutions between Uzbek entrepreneurs and foreign partners in other member states, thereby eliminating the necessity for subsequent judicial proceedings to enforce such settlements.

However, the draft law specifies that the convention's stipulations will not extend to settlement agreements involving the Republic of Uzbekistan, its state bodies, or representatives acting on their behalf. Additionally, the convention's enforcement mechanism will only be applicable when both parties mutually agree to utilize its provisions.

Proponents of the bill assert that joining the convention will foster the growth of mediation within Uzbekistan, facilitate more efficient and economical resolution of international commercial disputes, bolster the safeguarding of entrepreneurs' rights, elevate the country's appeal for investments, and cultivate greater confidence among foreign investors in the national legal system.

Following the debate, the deputies voted to pass the draft law in its first reading.