Tashkent, Uzbekistan (UzDaily.com) – On 14-18 October 2019, at the UN headquarters in Vienna, a meeting of the 38th session of the III Working Group of the UN Commission on International Trade Law (UNCITRAL) was held, at which issues of reforming the system were considered Settlement of disputes between investors and states.

UNCITRAL is a subsidiary body of the UN General Assembly, designed to promote the harmonization and unification of international trade law. The Commission prepares draft conventions, model laws and other documents on the substantive regulation of trade transactions and various aspects of commercial law.

According to the information of the Embassy of Uzbekistan in Austria, the Uzbek delegation was presented by Doctor of Jurisprudence Islambek Rustambekov, from whose side the position was expressed on the relevance of detailed regulation of issues of financing investment disputes by third parties, the need to determine the responsibility for non-compliance with such regulation.

The session also discussed the creation of a new international investment court, the adoption of a code of conduct for international arbitrators, and others.

During the out-of-session events, the delegation members gave detailed information about the wide-ranging reforms being carried out in Uzbekistan, in particular, the improvement of investment legislation and the development of international arbitration as part of the implementation of the Action Strategy for the five priority development areas for 2017-2021.