TIAC held its first meeting in Tashkent 

The first meeting of the Supervisory Board of the “Tashkent International Arbitration Center” (TIAC) was held in Tashkent, Kun.uz correspondent reports.

Three members of the TIAC Supervisory Board arrived in the country to participate in it. They are experienced arbitrators such as Professor Haver Qureshi, Royal Counselor, chamber of the Court “Serle” and chamber McNair (Great Britain, Qatar), Wei Sun, partner of the law firm “Zhong Lun” (China), Joseph Tirado, co-head of International Arbitration and Alternative Dispute Resolution “Garrigues UK LLP” (United Kingdom).

Other members of the Supervisory Board, including Carolyn Lämm, partner at the law firm “White & Case” (USA), Michael Davison, partner at the law firm “Hogan Lovells” (UK), Dr. Hussam Al Talhuni, Legal Advisor to the Minister of Finance (UAE) and Attila Tanzi, Legal Counsel at the Ministry of Foreign Affairs and International Cooperation , Lecturer at the University of Bologna (Italy), expert Mikhail Samoilov, lawyer of court arbitration practice of the Law Office “Egorov, Puginsky, Afanasyev and Partners” (Russia),  as well as international experts in the field of arbitration took part in the meeting via online system.

During the meeting, the primary tasks for the formation of a modern, independent and competitive arbitration center were discussed. The members of the Supervisory Board and experts spoke about the trends in the sphere of arbitration, shared their vision of what issues need to be addressed by the newly created TIAC at the formative stage.

A special place in the discussions was taken by the regulations of TIAC Arbitration - the rules according to which the Arbitration Court at TIAC will consider disputes. The members of the Supervisory Board provide active expert support in the development of Arbitration rules, which are expected to be adopted early next year.

According to members of the Supervisory Board, Uzbekistan has great potential for the introduction of alternative dispute resolution mechanisms both within the country and throughout Central Asia. During the meeting, special attention was paid to the prospects of the TIAC within the framework of the “Belt and Road initiative”.

Uzbekistan is an attendee of many bilateral and multilateral international treaties, including agreements on the promotion and mutual protection of investments, in which arbitration is the most common means of settling disputes. And this is not surprising, because companies around the world are increasingly addressing to the institution of arbitration as an alternative dispute resolution mechanism. It allows two sides to ensure impartiality of the case, choose the place of arbitration, rules and legislation on which a potential dispute will be considered.

Obviously, creation of an arbitration center in Uzbekistan is an important step in the context of ongoing reforms to transform the economy and introduce modern market mechanisms.