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The Implementation of International Legal Standards in the Investment Legislation of Uzbekistan Essay Example

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The Implementation of International Legal Standards in the Investment Legislation of Uzbekistan

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The Implementation of International Legal Standards in the Investment Legislation of Uzbekistan. According to a 1999 UN report, Uzbekistan has internal strengths as an investment destination, but at that time, it showed investment policy weaknesses leading to investment levels below the potential of the country. The report opined that the country had both opportunity and risk. The opportunity is presented in taking gain on the country’s numerous resources. The danger is in the risk of stagnating and fall behind other competitors in attracting FDI.The foreign investment law in Uzbekistan is noninterventionist. It receives foreign investments, and legally, numerous businesses are open to FDI (Gurgen 33). There an almost equal treatment of foreign and national investors. Through the establishment of a legal framework, the country has managed to provide rights and assurance to cross-border investors preventing disputes which plague other nation’s investment atmosphere.

Among such measures are taxation incentives. There has been a deliberate move towards a conversion policy of economic restructuring that has avoided privatization of state institutions. The approach of the country towards the market system is acclaimed as hesitant. This is supported by the administration’s incursion in foreign exchange and trade management. It is also evident in the country’s negotiations of trade terms with foreign investors.Though liberal foreign laws exist, investors find it hard and exacting while trying to establish tolerable trade terms with government institutions. This results in incongruence and non-transparency in outcomes. Investors opine that more synchronization of government institutions would be a remedy, but critically, there is need for radical overhaul and re-invigoration of industry investment policy (Gurgen 34-36). These policies would serve to provide a basis for unity and a direction to favorable terms and opportunities availed to investors.Among the CSI countries, Uzbekistan is acknowledged as the most advanced in terms of IIAs. However, it continues trailing other countries in attracting investors. Though these rules are present, their effectiveness depends on the quality and applicability of the same. In times of arbitration, oversight bodies such as UNCITRAL, only apply the rules the parties concur as prevailing the disputed issue. This was reiterated in the case of Romak vs. Uzbekistan (PCA. The Implementation of International Legal Standards in the Investment Legislation of Uzbekistan.

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Bibliography

of English-Language Materials on the Law of The Peoples Republic of China”, Columbia Journal of Transnational Law, vol 28 (1990): 531-575

Gurgen, Emine. Economic reforms in Kazakhstan, Kyrgyz Republic, Tajikistan, Turkmenistan, and Uzbekistan. Washington, D.C: International Monetary Fund, 1999. 34

PCA, Romak S.A. (Switzerland) the Republic Of Uzbekistan: Case No. Aa280.retrieved from http://www.pcacpa.org/upload/files/ROMAKUZBEKISTAN%20Award%2026%20November2009.pdf

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