UzA English

12.06.2018 10:35

International arbitration is a guarantee of ensuring the rights of investors

Today, many of our compatriots are working in different countries of the world and achieving great success in their fields. Among them, there are students, scientists, businessmen, representatives of international and public organizations. Diana Bayzakova is among them.

Diana Bayzakova, an international arbiter, partner of Merritz international law company, an expert of the international non-governmental organization "Buyuk Kelajak", told the correspondent of UzA about her activities and initiatives on development of international arbitration in the country:

– The address of the President of Uzbekistan Shavkat Mirziyoyev at the 72nd session of the UN General Assembly in September 2017 became a landmark event for many. It made an indelible impression on me.

The President's address to the Oliy Majlis determined the scale, essence, significance and specific directions of reforms. This historical document laid the beginning of a new era not only in the country, but also in the whole region.

The adopted normative acts and ongoing reforms aimed at improving the well-being of people, called me, as a representative of patriotic generation, to take active actions. After working for some time on the draft law "On International Commercial Arbitration" as an international expert in the working group at the Chamber of Commerce and Industry, as well as in the light of dynamic changes taking place, I decided to move to Uzbekistan.

Returning to Uzbekistan, I opened a legal company founded by the leading British company Merritz. As an arbiter, I have multiplied my experience in the work on complex polemical problems and international arbitration cases. I hope that close cooperation with the Ministry of Justice, the Chamber of Commerce and Industry, the Commissioner for the Protection of the Rights and Legal Interests of Business Entities under the President of the Republic of Uzbekistan and the International Chamber of Commerce in Paris, as well as my knowledge and experience will be used for development of the country.

An international non-governmental non-profit organization Buyuk Kelajak is established to promote large-scale reforms implemented by the President, uniting young people studying or working abroad for prosperity of the Motherland. Currently, I am taking part in the process of preparing a long-term model of the country's development in the expert council of this organization.

Today, international arbitration is firmly entrenched as the main way to resolve disputes between representatives of different countries in construction sector, energy, telecommunications, in investment disputes and in disputes involving the state. The advantages of arbitration are that the parties themselves choose judges (arbitrators) and the language of the proceedings. They are also involved in determining the competence and procedure for considering the dispute. Arbitration allows the parties to preserve the confidentiality of the dispute and the fact of applying to arbitration. This allows the parties to maintain their reputation, and in case, this is a well-known company, its position in the stock market.

Along with international commercial arbitration proceedings, the number of which exceeds a few thousand cases per year, the International Centre for Settlement of Investment Disputes (ICSID) annually registers dozens of cases, where one of the parties is the state. At the same time, huge financial resources are being spent to protect the state interests and interests of investors in such disputes.

The system of investors’ rights in Uzbekistan includes procedural guarantees of investors' rights, that is, the possibility of their application to the arbitration court. According to the relevant decree of the Head of the state, the organization of an international commercial arbitration center in the structure of the Chamber of Commerce and Industry of Uzbekistan, the adoption of a new Law "On international commercial arbitration" based on UNCITRAL model law is envisaged. We intend to participate actively in this process.

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