Uzbekistan and India are increasing tourist flow

A public discussion on the issues of developing sustainable tourism took place in Nukus. Additionally, winners of the business idea competition organized as part of the project 'Youth and Women - Permanent Tourist Ambassadors of Karakalpakstan' were awarded.

A meeting was held at the Ministry of Economy and Finance with a delegation led by Takashi Nagaoka, Director of the International Monetary Fund's (IMF) Regional Office for the Asia-Pacific region. The goal of the meeting was the joint implementation of promising projects between Uzbekistan and the IMF.

The Legislative Chamber of the Supreme Majlis considered a bill on Uzbekistan's accession to the United Nations Convention on International Agreements Reached by Mediation.

Currently, the need for quick and effective resolution of disputes between business entities operating in different countries due to the expansion of international trade and economic relations is constantly growing. Mediation provides an opportunity to resolve such disagreements with the help of a voluntary mediator, without resorting to court. This helps save time and resources for the parties, preventing unnecessary legal costs.

Deputy Gulchehra Tojiboyeva stated that this bill provides for Uzbekistan's entry into an international document known as the 'Singapore Convention on Mediation.' This Convention establishes unified legal mechanisms for recognizing and enforcing agreements reached through mediation in international commercial disputes in member countries. Specifically, if an Uzbek entrepreneur resolves a dispute with a foreign partner through mediation and reaches an agreement, the possibility of enforcing this agreement in another country that is a party to the Convention is simplified. Thus, the need for the dispute to be re-examined in court to ensure compliance with the agreements by the parties is reduced.

The bill also provides for defining a number of conditions related to the application of the Convention. It is proposed not to apply the rules of the Convention to agreements where the Republic of Uzbekistan, a state body, or a person acting on behalf of a state body is a party. Furthermore, the application of the Convention will only take place if the parties to the agreement themselves have expressed consent to use this international mechanism, giving business entities the opportunity to independently decide whether to use this international mechanism.

Joining this Convention contributes to the further development of the mediation institution in the country, allows international commercial disputes to be resolved in the shortest possible time and with minimal costs, and reliably protects the rights and legitimate interests of entrepreneurs. Moreover, it will help increase Uzbekistan's investment attractiveness, strengthen the trust of foreign investors in the national legal system, and improve the business environment.