A BRIEF ANALYSIS OF UZBEKISTAN BIT PRACTICE: INVESTOR AND STATE DISPUTE RESOLUTION

Abstract

The primary objective of this research is to demonstrate the bilateral investment treaty (BIT) practice of Uzbekistan and illustrate the protection of foreign investors in the country. Therefore, the present work will examine Uzbekistan BIT clauses and investor-state dispute resolution system within Uzbekistan BITs. In order to ensure a constant flow of FDI, Uzbekistan has to undergo effective reforms that assists to reinforce investors’ confidence. It is highly recommended for Uzbekistan to increase the use of an amicable system of dispute resolution before referring to formal mechanisms. Moreover, the model BIT of the host country depicts its investment policy and legal framework more clearly and transparently. Therefore, Uzbekistan has to draft its model BIT. Due to its natural resources, Uzbekistan is generally viewed as an eye-catching venue for foreign direct investment (FDI). Yet, on account of the deficiency of transparent and consistent national legal settings, some barriers exist effecting inward flow of FDI. In recent years, Uzbekistan has undergone extensive transformations, attempting economic liberalization. The investment climate of the country is steadily improving because of massive reforms of investment legislation. Uzbekistan eventually intends to provide a translucent and foreseeable investment conditions while simultaneously maintaining social responsibilities. The current research highlights some aspects of the Uzbekistan BIT clause that need to be reformed.