International arbitration law to come into force in Turkmenistan in 2016

Photo: International arbitration law to come into force in Turkmenistan in 2016 / Turkmenistan

Ashgabat, Turkmenistan, Aug.25

By Huseyn Hasanov- Trend:

Turkmenistan adopted a law on international commercial arbitration, which will come into force on 1 January 2016.

This document regulates the relations connected with the establishment and operation of international commercial arbitration.

Disputes from contractual and other civil law relationships arising in the implementation of foreign trade and other forms of international economic relations, if the business of at least one of the parties is outside of Turkmenistan, as well as disputes of foreign companies with foreign investments and disputes of international associations and organizations established on the territory of Turkmenistan, disputes between their members, as well as their disputes with other legal entities of Turkmenistan may be submitted to international commercial arbitration upon the agreement of the parties.

Turkmenistan is headed for a gradual transition to a market economy, which is reflected in the Constitution. At this stage, a number of activities have been implemented: the denomination of the national currency, the unification of exchange rates and the country has moved to the international accounting standards in 2014.

Caspian country is rich with natural gas, export volumes of cotton and grain are harvested here, the diversification of economy is being carried out- textile industry and the industry of oil and gas processing have especially developed. Privatization in
construction, communications and services is being actively implemented.

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