Ministry of Justice and Asian Development Bank to carry out international arbitration reform
The Ministry of Justice of the Republic of Uzbekistan attracted technical assistance from the Asian Development Bank for 225,000 USD to conduct international arbitration reform for further improving the investment climate in Uzbekistan.
ADB’s technical assistance includes assistance in drafting the Law “On International Commercial Arbitration” in accordance with modern international standards, including consideration and commenting on the draft law by international experts and ADB at various stages, as well as conduction of a series of consultations with the government and other interested parties; in development of relevant amendments to the procedural codes on recognition and enforcement of foreign arbitral awards and related international arbitral proceedings; in building the capacity of judges and legal practitioners as implementing parties and the private sector as users for facilitating international arbitration reforms.
In order to implement technical assistance, ADB will attract a team of consultants consisting of leading international experts.
Implementation of this project will serve the development of alternative mechanisms for resolving international commercial disputes in Uzbekistan, in particular, the development of the country’s territory as an attractive regional arbitration center and formation of an even more attractive investment climate.