NEWS AND EVENTS
June 21, 2005
Perspectives of arbitrations in Uzbekistan discussed
Seminar in the Uzbek capital considered international experience and perspectives of development of arbitrations in Uzbekistan on 20 June.
The event was organized by Chamber of Commerce and Industry of Uzbekistan in cooperation with their Russian counterparts and attended by NGOs and businesses.
President of Uzbekistan ordered the government to develop bill on arbitration courts and submit it to Legislative Chamber of Uzbek parliament with his decree ?On measures on further improvement of system on protection of entrepreneurs? dated 14 June.
The document entrusted Cabinet of Ministers, Justice Ministry, Supreme Economic Court and Commerce and Industry Chamber in a month term in established order submit to Legislative Chamber of Oliy Majlis of Uzbekistan Bill ?On arbitration courts?, envisaging creation of arbitration courts of entrepreneurship entities and their union.
The document also set new orders on inspection of financial-economic activity of businesses and it said that the economic disputes between businesses can be resolved by economic courts or arbitration courts.
Participants discussed issued on introduction of arbitration system in Uzbekistan. It was noted that the introduction of the system is important to ensure development of private sector and creation of small and private entrepreneurship in the country.
It was noted that arbitrations play important role in advanced countries. For example, 85% of all commercial disputes solved with help of arbitrations in Germany and 90% in the USA.
Introduction of arbitrations will allow solve commercial disputes fast and independence of courts will be ensured.