Economic development is directly linked to an effectively functioning judicial system. Investors need not only a legal framework, but also a mechanism to ensure compliance with rights. The proposed Tashkent International Commercial Court (TICC) will become an international-level forum for dispute resolution in Uzbekistan, aimed at foreign investors.
"Investors need a regulatory framework, but they also need to know how to apply it. And TICC will find a board of directors that will meet international standards," said international lawyer Marie-Anne Birken.
The speakers discussed key aspects of TICC that distinguish it from local courts, including the status of the court, its structure, applicable practices and procedures, the procedure for appointing judges, as well as the relationship with international arbitration.
Acting Rector of Tashkent State Law University Islambek Rustambekov stressed that the partnership of the international commercial court and local courts will help achieve the best results in legal practice. He also noted that TICC will make Uzbekistan more attractive to foreign investors.
The Honorable Lord Justice of the United Kingdom Sir Peter Gross, partner of White & Case LLP Caroline Lamm and judge of the Qatar Financial Center Frederick Daniel Jacobus Brand also spoke about TICC.
The legal community is interested in such positive changes that will help boost Uzbekistan's rating in the international arena.
