09.03.2022, 12:25 66331

Kazakhstan ratifies the UN Convention on settlement of international commercial disputes

It will strengthen the legal framework for the settlement of international disputes arising in the context of international commercial relations through mediation, as well as strengthen the position of the state in the field of international trade law and will be welcomed by the business community and foreign investors.
The Majilis at the plenary session approved the ratification of the United Nations Convention on international settlement agreements reached as a result of mediation, Kazpravda.kz correspondent reports.
 
As noted in the conclusion to the bill, on August 7, 2019, the Republic of Kazakhstan signed the United Nations Convention on International Settlement Agreements reached as a result of mediation in accordance with the Decree of the President of the Republic of Kazakhstan dated August 2, 2019.
 
The convention entered into force on September 12, 2020. The Convention has been signed by 55 countries such as China, USA, Korea, India and others. 7 countries (Singapore, Ecuador, Fiji, Honduras, Qatar, Saudi Arabia, Turkey) ratified the Convention and one country approved (Belarus). 
 

The ratification of the Convention will strengthen the legal framework for the settlement of international disputes arising in the context of international commercial relations through mediation, as well as strengthen the position of the state in the field of international trade law and will be welcomed by the business community and foreign investors," the conclusion to the document says.

 
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