Mazhilis approves ratification of UN Convention on International Settlement Agreements

Enhancing the investment attractiveness of the country and developing trade. Members of the Lower House of Kazakh Parliament adopted a new bill about the ratification of the UN Convention on International Settlement Agreements. According to the Mazhilismen, the adoption of the document will be a positive step towards improving extra-judicial mediation. The convention applies only to international commercial disputes between two or more companies from different member countries, Justice Minister Kanat Mussin clarified. The signed bill will facilitate the implementation of international transactions between commercial parties. As such, this will have a positive impact on the business reputation of Kazakhstan in the world market, the minister noted. The convention entered into force on September 12, 2020. The collective treaty was signed between 55 countries, including China, the U.S., South Korea and India. Of these, seven states ratified and one approved this document.

“The goal of the Convention is the recognition and implementation of international agreements reached as a result of mediation on the territory of its member states. Until now, there has been no single mechanism for effective recognition and enforcement of international agreements resulting from mediation. Accordingly, the parties to the dispute have the opportunity to apply to a court of another jurisdiction for recognition of the settlement agreement and its execution,” Mussin said.

Translation by Saniya Sakenova

Editing by Galiya Khassenkhanova