Alexander Nazarov, Associate at Dispute Resolution Practice, RGD International Central Asia, has written an article for RBC Pro. In his article “Why they are opening a court designated for foreign investors in Uzbekistan,” Alexander analyzes the role that the Tashkent International Commercial Court (TICC) opening in Uzbekistan will play and explains what opportunities it will offer for foreign investors.
Alexander notes that the creation of the TICC is yet another stage of Uzbekistan’s judicial reform that started in 2016. Back in 2019, the country also witnessed the opening of Tashkent International Arbitration Center (TIAC), which has already received more than 50 requests for arbitration submitted by individuals and companies from Italy, the Netherlands, Türkiye, Russia, Uzbekistan, etc. However, the emergence of an international court specializing in commerce will allow foreign investors to choose between different dispute resolution procedures. It is planned that TICC decisions will be binding in Uzbekistan. TICC will consist of the court of first instance and the court of appeal, and its decisions will be reviewable by the Presidium of the Supreme Court of Uzbekistan only. All meetings will be conducted in English.
Because of its status the TICC offers several important advantages for potential investors. Alexander notes that in addition to the binding nature of the court’s decisions, the disputing parties can count on the impartiality of judges and on being able to file an appeal. In his article, Alexander also speaks about the greater transparency of judicial proceedings compared to arbitration.
At the same time, the bill on TICC stipulates that the international court will facilitate international arbitration at various stages. The emergence of the new judicial institution will improve the quality of dispute resolution in cases with foreigners in Uzbekistan.
The full version of the material in Russian can be found on the publication’s website.
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