Uzbekistan intends to resolve international disputes and conflicts without going to court.
At its 18th plenary session, the Senate of the Oliy Majlis approved a law providing for Uzbekistan's accession to the UN Singapore Convention on International Settlement Agreements Resulting from Mediation. What opportunities does accession to the Convention open up? First and foremost, it will allow for the simplified recognition and enforcement of agreements reached through mediation in international commercial disputes in states party to the Convention. For […]
At the 18th plenary session, the Senate of the Oliy Majlis approved a law providing for Uzbekistan's accession to the UN Singapore Convention on International Settlement Agreements Resulting from Mediation.
What opportunities does accession to the Convention open up?
First of all, it will allow for the recognition and enforcement of agreements reached through mediation in international commercial disputes in simplified procedures in states party to the Convention.
For Uzbek entrepreneurs, this means additional opportunities for quickly and cost-effectively resolving disputes with foreign partners without resorting to court.
Furthermore, international legal guarantees for the enforcement of agreements reached through international mediation will be strengthened.
However, the Convention has certain limitations. It does not apply to agreements involving government bodies or persons acting on their behalf. Furthermore, its provisions apply only if the parties to the agreement have consented to the application of the Convention to their relations.
Accession to the Convention is expected to strengthen legal guarantees for investors, increase Uzbekistan's investment attractiveness, and further strengthen the country's position in international trade and economic relations.
Over 60 states have acceded to the UN Singapore Convention on International Settlement Agreements Resulting from Mediation. States party to and signatories of the Convention include the United States, China, India, the United Kingdom, Japan, Belarus, Armenia, Kazakhstan, and Kyrgyzstan.
Uzbekistan intends to resolve international disputes and conflicts without litigation.
At the 18th plenary session, the Senate of the Oliy Majlis approved a law providing for Uzbekistan's accession to the UN Singapore Convention on International Settlement Agreements Resulting from Mediation.
What opportunities does accession to the Convention open up?
First of all, it will allow for the recognition and enforcement of agreements reached through mediation in international commercial disputes in simplified procedures in states party to the Convention.
For Uzbek entrepreneurs, this means additional opportunities for quickly and cost-effectively resolving disputes with foreign partners without resorting to court.
Furthermore, international legal guarantees for the enforcement of agreements reached through international mediation will be strengthened.
However, the Convention has certain limitations. It does not apply to agreements involving government agencies or persons acting on their behalf. Furthermore, its provisions apply only if the parties to the agreement have consented to the application of the Convention to their relations.
Accession to the Convention is expected to strengthen legal guarantees for investors, increase Uzbekistan's investment attractiveness, and further strengthen the country's position in international trade and economic relations.
More than 60 states have acceded to the UN Singapore Convention on International Settlement Agreements Resulting from Mediation. States party to and signatories of the Convention include the United States, China, India, the United Kingdom, Japan, Belarus, Armenia, Kazakhstan, and Kyrgyzstan.
V. Novikov