The IAC hosted the IAC Eurasia Arbitration Days 2023 during 13-15 September 2023
The IAC hosted the IAC Eurasia Arbitration Days 2023 during 13-15 September 2023. This event was organised in cooperation with the international law firm, Herbert Smith Freehills, and was the forerunner to an annual IAC Eurasia Arbitration Week which will incorporate the IAC Central Asia Vis Pre-Moot and will happen in March every year from 2024.
More than 180 leading policy makers, academics, in-house counsel, private practice lawyers, and arbitrators, from the US, UK, Europe, Eurasia, and Asia, discussed modern arbitration practices, opportunities, challenges and solutions for businesses in Eurasia during four panel discussions. Training programmes were also provided including on the IAC Arbitration and Mediation Rules 2022 and on a new Code of Conduct for Lawyers representing investors in case proceedings at the AIFC Court. A new book, International Investment Law (eds. N Kondrashov, K. Panerai, I. Rachkov) was announced in association with the IAC and contributors of the book discussed key chapters in the book.
During the EADs closing ceremony, Mr. Thomas Krümmel, the IAC Chairman, commented: “If ever there was a combined effort to validate the IAC and what it can do in world-class international arbitration and mediation, it was the true string of jewels from the world of arbitration, of legal publication, of high-profile academia and of actual and potential users of our Centre that were present here today … The IAC is about the future. The IAC is about change for the better. It is about getting dispute resolution out of its historic corner of having to submit to sovereign structures and principles to settle a litigious matter”.
The AIFC Court and IAC have successfully resolved and enforced to 100% satisfaction 2,271 commercial cases comprising 76 Court Judgments, 447 arbitration awards, and 1,748 mediation settlements. The case volume has significantly increased year on year, with 623 completed cases between January and August 2023, and this upward trend is expected to continue. The highest value case was US $330 million and total cases value has exceeded US $686 million. The cases have involved all commercial dispute areas that investors experience including contracts, property, construction, transportation, PPP, logistics, and AIFC employment. Investors from 27 countries with business in Kazakhstan, including large energy corporations such as Tengizchevroil, have now included the AIFC Court and IAC in more than 7,500 business contracts and have used the AIFC Court and IAC to resolve their investment related disputes.
The AIFC Court and IAC continue to be the preferred choice of investors in Eurasia for international commercial dispute resolution. The IAC, with its growing reputation for excellence for arbitration and mediation, is increasingly recognised as the ‘arbitration hub for Eurasia’.
References:
The Astana International Financial Centre (AIFC) is an independent jurisdiction that started operations in 2018. In accordance with the Development Strategy until 2025, the key focus of the AIFC is to consolidate as a universal platform connecting the countries of the EAEU, Central Asia and the Caucasus. www.aifc.kz
The AIFC Court is an independent legal entity. It has its own procedural rules modelled on English common law procedures and leading international practice. The AIFC Court is separate and independent from the courts of the Republic of Kazakhstan. It consists of two tiers: a Court of First Instance, which includes a specialist division known as the Small Claims Court; and a Court of Appeal. It has exclusive jurisdiction over disputes arising out of the activities and operations of the AIFC and jurisdiction in the case of other disputes in which all parties agree in writing to give the AIFC Court jurisdiction. It does not have jurisdiction in relation to disputes that are of a criminal or administrative nature. It applies the most up to date and efficient case management practices. https://court.aifc.kz/
The International Arbitration Centre (IAC) is an independent legal entity. It has its own procedural rules modelled on best international practice. It has its own panel of leading international arbitrators and mediators having many years of arbitration and mediation experience in commercial law, including oil and gas, trade, construction, energy, financial services, banking, Islamic finance, insurance, and intellectual property. IAC arbitration awards are recognised and enforceable in Kazakhstan and internationally. https://iac.aifc.kz/
