Details added (first version posted at 14:39)
Baku, Azerbaijan, May 23
By Anvar Mammadov – Trend:
DP World, which is now providing consulting services for creation of a free trade zone (FTZ) in Azerbaijan, suggests creating an independent arbitration system in the FTZ, said the UAE-based company’s representative Adil Al Zarooni.
He made the remarks at the presentation of a report on the Alat FTZ in Baku.
“The legal system of any country chosen by the parties when signing an agreement can become the fundamental legal system. This can be the legal system of Azerbaijan or, for example, the UK’s,” Al Zarooni said.
The arbitration system must deal with both administrative and criminal hearings between FTZ residents, as well as between FTZ residents and non-residents (both local and foreign), according to him.
Azerbaijan’s President Ilham Aliyev signed a decree March 17, 2016, on measures to create a free trade zone type special economic area covering the territory of the Baku International Sea Trade Port in the Alat Township of Baku’s Garadagh District.