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Economy

Uzbekistan signs its own commercial court into law

President Mirziyoyev has signed the constitutional law on the Tashkent International Financial Centre, which takes effect on 25 July. It creates a special jurisdiction with its own regulation and its own court: the Tashkent International Commercial Court, with a first instance and an appeal chamber, for commercial, corporate and financial disputes inside the centre.

Uzbekistan signs its own commercial court into law

The signature completes the passage this desk followed on 13 July, when the draft cleared parliament after a Senate rejection and a conciliation procedure. The centre carries English and Welsh law inside its perimeter, a financial services authority with priority within the fence, foreign judges on the commercial court, and a tax holiday advertised to 2076.

The model is not new here. Kazakhstan built the first such perimeter in 2018, when the Astana International Financial Centre opened with English common law and a court of foreign judges, and Kyrgyzstan opened its Tamchy zone this month with English law and 49 years without tax. Tashkent is the third, and the instrument is identical in all three: a state that cannot quickly make its own courts trusted rents a trusted legal system and draws a line around it.

The conversion tests were set when the law passed and they hold: the first registered participants, the first acts of the financial services authority, and the first foreign judge seated. The date to watch now is 25 July, when the perimeter legally exists.