Tashkent, Uzbekistan (UzDaily.com) -- UNCITRAL - The United Nations Commission on International Trade Law - confirmed that the law of Uzbekistan "On International Commercial Arbitration" is in line with their model law.

On 11 September, the Senate of the Oliy Majlis approved the law "On International Commercial Arbitration". One of the main tasks of the developers of the draft law - the Ministry of Justice and the Chamber of Commerce and Industry of the Republic of Uzbekistan - was to agree and confirm the status of Uzbekistan as a jurisdiction of the UNCITRAL model law. The press service of the Chamber of Commerce and Industry of Uzbekistan reports.

Now the law, approved by UNCITRAL, has been sent for signing to the President of the Republic of Uzbekistan.

The purpose of the law is to determine the procedure for resolving disputes arising in the field of international trade, to determine the mechanisms for the recognition and enforcement of arbitral awards. The law creates the necessary conditions for protecting the rights of entrepreneurs and investors in the field of foreign economic activity and regulates the activities of international commercial arbitration courts in Uzbekistan.

States that have adopted the UNCITRAL Model Law also have access to the Worldwide Legal Database on Judicial and Arbitral Awards Relating to UNCITRAL Texts - UNCITRAL Text Case Law (CLOUT). The CLOUT system provides users with the ability to take into account the decisions of judges in foreign countries. The CLOUT database includes over 1,300 case summaries from 44 countries.