The Verkhovna Rada has expanded the possibilities of international arbitration to attract investment (No. 12141), the parliament reported on Tuesday, UNN writes.
Details
291 people's deputies voted in favor.
The document, as reported by the deputy corps, allows international commercial arbitration to consider not only commercial but also investment disputes.
The law brings Ukraine closer to global dispute resolution standards (UNCITRAL) and allows Ukrainian arbitration institutions to consider investment disputes between foreign businesses and the state.
As reported in the parliament, the document expands the understanding of the concept of "international dispute." Now, a dispute will be considered international not only when the parties are from different countries, but also in the following cases:
- if the place of arbitration is located in another country;
- if the obligations are performed in another country;
- if the subject matter of the dispute is related to another country;
- if the parties themselves have agreed that the dispute is of an international nature.
The implementation of the bill is expected to provide investors with an alternative to expensive foreign arbitration institutions.