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Bakhyt Sultanov, Minister in charge of Economy and Financial Policy of the Eurasian Economic Commission, took part in the session of the UN Commission on International Trade Law (UNCITRAL), held from June 24 to July 12 at the United Nations headquarters in New York.

The session attendees discussed draft charters of the advisory center for settlement of international investment disputes, as well as guidelines on prevention and mitigation of international investment disputes.

During the visit, the EEC Minister held a meeting with Anna Joubin-Bret, Secretary of UNCITRAL, and Jae Sung Lee, Secretary of UNCITRAL Working Group III “Reform of Investor-State Dispute Settlement”. They discussed some issues of reforming the Investor-State dispute settlement system, as well as the establishment of an advisory center for settlement of international investment disputes.

“We consider the possibility of joining as a regional economic integration organization to the work of the advisory center in case of its establishment and with the interest of all the EAEU States and UNCITRAL,” Bakhyt Sultanov noted.

Furthermore, the EEC Minister and the UNCITRAL Secretary agreed to formalize the existing and emerging relations in the form of a Memorandum of Understanding between the two organizations.

At the end of the meeting Bakhyt Sultanov and Anna Joubin-Bret confirmed their readiness to further extend cooperation between the EEC and UNCITRAL. The parties have reached an arrangement to hold regular consultations to discuss issues of interest, including those on the agenda of UNCITRAL Working Groups and the EEC advisory bodies. 

The United Nations Commission on International Trade Law (UNCITRAL) is the principal organ of the UN system in the field of international trade law.

UNCITRAL is engaged in preparing statutory instruments in a number of areas such as international contractual practice, shipping documents, insolvency, electronic commerce, and dispute settlement, including Investor-State disputes.