DUSHANBE, April 8, 2015, Asia-Plus — Top managers of Tajikistan’s Chamber of Commerce and Industry (CCI) propose to get business community involved in discussion of a new edition of the draft law on investments.
Speaking at a roundtable to discuss ways of improvement of attraction of foreign investments, CCI deputy chairperson, Manzoura Rustamova, noted that adoption of the law on international commercial arbitration (March 18, 2015) would give a serious impulse to a wider use of alternative methods of resolving disputes between domestic and foreign entrepreneurs.
Tajikistan’s accession to the New York Convention signed in 1958 (The Convention on the Recognition and Enforcement of Foreign Arbitral Awards) will create an efficient mechanism for protection of investments and implementation of bilateral agreements on mutual protection of investments signed between Tajikistan and other countries that, in turn, makes our country more attractive for investors and gives Tajik companies access to external capital and latest technologies, Rustamova stressed.
She also suggested that entrepreneurs should be involved in discussion of the investment bill, according to the CCI press center.
The Convention on the Recognition and Enforcement of Foreign Arbitral Awards, also known as the New York Convention, was adopted by a United Nations diplomatic conference on June 10, 1958 and entered into force on June 7, 1959. The Convention requires courts of contracting states to give effect to private agreements to arbitrate and to recognize and enforce arbitration awards made in other contracting states. Widely considered the foundational instrument for international arbitration, it applies to arbitrations which are not considered as domestic awards in the state where recognition and enforcement is sought. Though other international conventions apply to the cross-border enforcement of arbitration awards, the New York Convention is by far the most important.
