HKIAC and TIAC sign cooperation agreement to adopt the TIAC-HKIAC Cross-Institutional Arbitration Rules
HKIAC is pleased to announce that it has entered into a cooperation agreement (Agreement) with the Tashkent International Arbitration Centre (TIAC) to formalize the arrangements between two institutions under the TIAC-HKIAC Cross Institutional Arbitration Rules (TIAC-HKIAC Rules), which will come to force in September 2022. Mariel Dimsey, HKIAC Secretary-General, and Diana Bayzakova, TIAC Director, signed the Agreement online from Hong Kong and Tashkent, respectively.
Since 2019 HKIAC and TIAC have been cooperating to promote and develop international arbitration, mediation and other forms of dispute resolution. The TIAC-HKIAC Rules represent a unique cross-institutional decision-making mechanism for administered arbitrations which has been developed by the institutions over the past two years.
Under the TIAC-HKIAC Rules, TIAC and HKIAC will jointly administer cases and TIAC will refer to HKIAC for expertise on certain procedural issues arising in arbitrations commenced pursuant to the TIAC-HKIAC Rules. HKIAC will make its decisions without charging administrative fees except in limited, pre-defined circumstances.
TIAC was established in 2018 under the Chamber of Commerce and Industry of Uzbekistan and since then has been developing rapidly in line with Uzbekistan’s growth and increased foreign investment. TIAC’s caseload includes disputes with parties from the Netherlands, Italy, Kazakhstan, Russia, China, Turkey, Uzbekistan.
HKIAC’s extensive expertise in disputes involving Chinese parties and growing experience with CIS disputes, together with TIAC’s technological development strategies, will offer new dispute resolution opportunities for arbitration users across the CIS and Asian regions.