Uzbekistan Senate Approves Accession to Singapore Convention

Tashkent, Uzbekistan (UzDaily.uz) — The Senate of Uzbekistan’s Oliy Majlis has approved a law on Uzbekistan’s accession to the United Nations Convention on International Settlement Agreements Resulting from Mediation, adopted in New York on 20 December 2018.

The legislation provides for Uzbekistan’s accession to an international mechanism for the recognition and enforcement of agreements reached through mediation. The Senate of the Oliy Majlis of Uzbekistan reported this.

The convention, known as the Singapore Convention, is aimed at establishing uniform international legal mechanisms for the recognition and enforcement of international commercial settlement agreements resulting from mediation.

The document expands opportunities for the prompt and effective out-of-court resolution of international commercial disputes and establishes a legal basis for enforcing mediated settlements in other countries.

Senators said Uzbekistan’s accession to the Convention will help increase the confidence of foreign investors and entrepreneurs in the country’s legal system, improve the investment climate, and strengthen legal guarantees for national exporting companies and foreign trade participants in international markets.

The application of the Convention will also help develop mediation, reduce the workload of courts, and cut the time and financial costs associated with resolving disputes. According to senators, accession will also strengthen Uzbekistan’s participation in international legal integration processes.

Additional conditions for applying the Convention will be established upon Uzbekistan’s accession, taking into account the country’s national interests.

In particular, its provisions will not apply to settlement agreements involving a state or state body as one of the parties. In addition, the Convention will apply only with the mutual consent of the parties.

The law was approved by the senators following consideration.