Economy ministry proposes creation of independent intl arbitration institution in Ukraine
The Economic Development and Trade Ministry of Ukraine has proposed that an independent international arbitration institution with the involvement of international arbitrators should be created in Ukraine to return the trust of investors in the country amidst critically low trust in the court system.
"The ad hoc system does not require a large number of judges and allows for flexibly attracting arbitrators whom the sides want to select. Now this concerns open lists of arbitrators, the creation of the nomination committee and the application of convenient international procedures," the ministry’s press service reported, citing First Deputy Minister Yulia Kovaliv who was speaking at a roundtable talk held by the American Chamber of Commerce in Ukraine.
She said that foreigners with relevant experience could join this arbitration institution to guarantee transparent and fair decisions.
Kovaliv said that the creation of an independent and unbiased institution tasked with hearing international commercial disputes was accepted by both foreign investors and Ukrainian companies.
She said that one of the key focuses of international arbitration reform is the introduction of ad hoc arbitration when international arbitrators are involved to hear a separate dispute. She said that the ad hoc arbitration could be introduced rather quickly, as it does not require large investment, many judges, or administrative expenses.
Kovaliv said that the ad hoc working group was created at the ministry and was recently expanded thanks to the representatives of companies that have experience of international arbitration abroad.
She said that the working group could finalize the draft law within a month and present it for discussion. It is expected that the cleared documents will be sent to the parliament by the end of the year.