[TASHKENT, UZBEKISTAN] – As an important step to improve the investment climate and strengthen confidence among foreign investors, the Foreign Investors Council is working on the creation of the Tashkent International Commercial Court (TICC). Operating independently within the local judicial system, the TICC will serve as a trusted forum for the resolution of disputes in commercial agreements involving foreign investors, whether governed by Uzbekistan law or foreign laws, including commonly used English law for international financial and investment agreements.

Key Features of the Tashkent International Commercial Court (TICC):

1. Complementary Role: The TICC will work in tandem with the Tashkent International Arbitration Center (TIAC), positioning Tashkent as a regional ‘one-stop’ hub for international investment dispute resolution.
2. Upholding Standards: By establishing the TICC, Uzbekistan will demonstrate its commitment to creating an investment climate that instills confidence, certainty, and predictability. TICC ensures that investors’ rights can be enforced through an effective judicial process that meets international standards.
3. Independent Functioning: While being a part of the local court system, the TICC will operate independently. It will consist of a court of first instance and a court of appeal, with decisions from the latter being final.
4. Jurisdiction: The TICC will hold jurisdiction over commercial disputes involving foreign-owned or controlled entities. Additionally, it will consider disputes related to arbitration agreements involving TIAC and will have the authority to make orders for the enforcement of international arbitral awards, including those by TIAC.
5. International Best Practices: The rules of procedure for TICC are based on international best practices for international commercial courts, specifically modeled around English common law. Proceedings in the TICC are conducted exclusively in English.
6. Experienced Bench: The TICC will boasts a roster of international judges with extensive experience in common law, ensuring a high level of expertise in resolving complex commercial disputes.
7. Inclusive Representation: Foreign lawyers are permitted to represent parties in TICC proceedings, provided they collaborate with a lawyer registered to practice in Uzbekistan.