Tashkent, Uzbekistan (UzDaily.com) -- At the plenary session of the Senate, the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan in connection with the adoption of the Law of the Republic of Uzbekistan "On International Commercial Arbitration" was also discussed.

The senators noted that at present, in the context of the unification of legislation at the regional and international levels, both at the national and international levels, international arbitration, which is one of the main elements of market relations, is becoming increasingly important as an alternative, out-of-court form of resolving commercial disputes.

It was noted that the Law "On International Commercial Arbitration" was adopted in order to reduce the costs of economic entities in resolving disputes in this area, establishing mechanisms for the recognition and enforcement of arbitral awards and, on this basis, increasing the country’s authority in the region in resolving controversial issues of international treaties. In order to ensure the implementation of the norms of the Law "On International Commercial Arbitration", appropriate amendments and additions are made to the Economic Procedure Code and the Law "On State Duty".

In addition, the amendments to the Law “On the State Duty” establish the collection and amount of the State Duty on applications for appealing against an arbitration decision.

This Law was also approved by the senators.