Note on the Law of the Republic of Uzbekistan “On International Commercial Arbitration”
On February 16, 2021 President of the Republic of Uzbekistan has approved the Law “On International Commercial Arbitration” (hereinafter – the “Law”). As a result, Uzbekistan became 85th country and 118th jurisdiction to enact legislation based on the Model Law of the United Nations Commission on International Trade Law(UNCITRAL) on International commercial arbitration (hereinafter – the “UNCITRAL Model Law”). The Law was approved by the UNCITRAL.
Access to international arbitration in investor-state dispute settlement (ISDS) in Uzbekistan
The influx of foreign direct investment in Uzbekistan has found a breath of fresh air after fundamental changes in the higher political structures in 2017-2018. Since that, several reforms pro-business credentials have been vigorously enforced in Uzbekistan.
International Arbitration 2020: Uzbekistan
Arbitration is becoming more and more popular in Uzbekistan as an alternative to litigation. With adoption of the Arbitration Law in 2006, the number of arbitration tribunals established in Uzbekistan reached 247 in 2020. One of the most active is a network of arbitration courts under Chamber of Commerce and Industry of Uzbekistan (CCI).
E-wallet. Emission of electronic money in Uzbekistan
The development of FinTech has leapfrogged for the recent two years in Uzbekistan. Concretely, emission and sale of electronic money ("E-money ") was not regulated by the Uzbek legislation in the past. Herewith the very idea of creating a special electronic payment system was not feasible until 2020.
Uzbek banking sector COVID-19
In light of the spread of coronavirus infection Covid-19 and in addition to quarantine regime, Uzbekistan has undertaken a number of other measures aimed at mitigating risks and maintaining the normal functioning of business activities, including the banking sector.
Benefits and exemptions for businesses in quarantine conditions
In connection with the epidemiological situation in the world and the spread of coronavirus in Uzbekistan, there have been taken strict quarantine measures of the population. In order to minimize the negative consequences of the pandemic and global crisis on the Uzbek economy, the Government of Uzbekistan is taking measures to support entrepreneurship, export and financial stability.
Covid-19. Force Majeure mode for contracts in Uzbekistan
In connection with the pandemic triggered by the spread of the COVID-19 virus (coronavirus) in the world and for mitigation of the negative impact on the economy, the Government of the Republic of Uzbekistan adopted a number of decisions for introducing a force majeure mode for business in the country.
Labor relations in the context of quarantine due to coronavirus (COVID-19)
Limitations set in order to prevent spread of coronavirus infection affect all business processes, including employer-employees labour relations. In accordance with the resolution of the Republican Commission all entities in Tashkent, regardless the form of ownership, must ensure that the staff members shall either take annual leave in a manner provided by Uzbek law or work remotely.
Support of export and import during the period of combating the spread of coronavirus infection (COVID-19)
The Decree of the President of the Republic of Uzbekistan ‘On priority measures to mitigate the negative impact on sectors of the economy by the coronavirus pandemic and global crises’ No. UP-5969 dated March 19, 2020, envisages a number of measures to mitigate possible negative consequences for business entities and citizens of the Republic of Uzbekistan.
Legal Framework for Insolvencies in Uzbekistan
Despite being relatively new, the current bankruptcy law in Uzbekistan (initially adopted in early 1990s) has improved drastically over the last decades. Uzbekistani insolvency regime, that was upgraded significantly throughout the several redrafts of the law, is still undergoing some changes that are being introduced as a part of its ambitious market-oriented economic reforms.