On October 16, the Chamber held Round Table “Concept of Reforming International Commercial Arbitration in Ukraine” organized in partnership with the Ministry of Economic Development and Trade of Ukraine. Representatives of other state bodies, interested in this issue, such as Ministry of Justice of Ukraine andInternational Commercial Arbitration Court under the Ukrainian Chamber of Commerce in Ukraine participated in the meeting.
Opening the meeting, Mr. Andy Hunder, President of the American Chamber of Commerce in Ukraine, highlighted that while existence of effective mechanism of dispute resolution is among key factors for increasing investment attractiveness, Ukrainian judicial system needs a long and complex reform. In this context, alternative methods, such as commercial arbitration, gains its importance in transition period.
Ms. Yuliia Kovaliv, First Deputy Minister of Economic Development and Trade of Ukraine, stressed that major companies now widely use the mechanism of commercial arbitration, but outside Ukraine due to certain shortcomings in current system. In this regard, improvement of the current regulation in two directions – institutional and procedural – will make Ukraine more attractive not only for investments, but also for arbitration itself.
Ms. Tatyana Slipachuk, Partner, Sayenko Kharenko presented key changes, which are planned to be introduced, in particular, in the context of the procedure of judicial control over arbitration. She also raised the issue of involvement of international arbiters into the process and development of arbitrage ad hoc.
Further discussion was focused on the particular issues, related to the use of international commercial arbitration. It was also announced that the Draft Law, introducing the key changes to the procedure of enforcement of arbitration decisions, will be published in the nearest future for public consideration.
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