21 Feb The International Conference: New Law of Mongolia on Arbitration and International standard has been held
21 February 2017. Today, the international Conference: New Law of Mongolia on Arbitration and International standard has been successfully held at the Government Palace, following the enactment of the New Law of Mongolia on Arbitration by the Parliament of Mongolia on January 26, 2017. MDS KhanLex LLP has attended the conference as a supporting organization. A partner of the firm, Ms. Dugerjav D. has made a speech on “Law of Mongolia on Arbitration: Innovations and Advances” and notes that “The law, as a whole, is aimed for conducting arbitration as a fair resolution of disputes without unnecessary delay or expense”.
Followings are excerpts from the speeches of some participants to the international conference:
Byambatsogt S., a Member of Parliament and the Ministry of Justice and Home affairs
“…We believe that this Law on Arbitration has become a significant event proving that the regulation of arbitration itself forms an independent branch of Mongolian legal system. We also see that the following organizational issues should be taken into consideration at the highest priority in order to implement the new Law on Arbitration effectively:
- to promote the law;
- to translate the law into official languages of UN and make available to the public;
- to conduct scientific research and to accelerate publication of manuals, textbooks and other materials; and
- since the legal environment of arbitral institutions has been improved under the law, such institutions are required to make relevant updates to their organizational and other activities.”
Tsogtbaatar D., a Member of Parliament and the Vice-Chairmen of Parliamentary Sub-Committee of Human Rights:
“The enactment of the law has made Mongolian legal environment in consistent with international standards and has made one step forward. This means that the Mongolian legal system itself has advanced and promoted one step forward…The probability for the choice of arbitral institutions and arbitration legislation of Mongolia is increased. If the law is applied correctly by Mongolian and foreign arbitrators, and arbitral institutions, our country has the chance to develop into a regional hub of arbitration like Vienna or Stockholm…“
Bayasgalan G., the State Secretary of Ministry of Justice and Home affairs
“The importance of the enactment of the new Law on Arbitration is that the public trust for arbitration shall be increased… Foreign investor-friendly legal environment shall be developed and there is a economic importance of increased foreign investment in Mongolia…We believe that time and cost necessary for arbitration shall be reduced and the cost of doing business in Mongolia shall be reduced accordingly…”
Kevin Nash Kristopher, Deputy Registrar & Centre Director Singapore International Arbitration Centre
“…Mongolia has went a bit further I think to go fact so by providing for an express duty of confidentiality… Mongolian law quite rightly provides for the cost of arbitration as well…So once you have the legislation and the government support, then you need the support of the judiciary. Singapore has one of the most pro-arbitration judiciaries, really of any jurisdiction that provides maximum support for the arbitral process with minimal intervention…”
Pui-Ki Emmanuelle TA, ICC Counsel of Asia Office of the Secretariat of the Court in Hong Kong
“…This new law on arbitration of Mongolia is lined with international standards, bringing significant advances, innovations and important features that aim to enhance processes, as well as encourage use of arbitration as an effective means dispute of resolution… ICC will be delighted to assist in Mongolian arbitration community and exchange ideas of common interest with other members of the international arbitration family. ICC is very confident that in a very short time Mongolia, will develop into an important arbitration hub and be contributing to Global arbitration ecosystem…”
James Liotta, A president of American Chamber of Commerce in Mongolia
“…Twenty seventeenth roadmap focuses on four key areas: finance, economic diversification, legal and regulatory reform and business and investment promotion. The enactment of the new Arbitration law fits perfectly within our goal legal and regulatory reform in Mongolia. It is our hope that laws such as this for greatly help foreign and domestic businesses already operating in Mongolia and over time will become a factor for attracting more business and investment to Mongolia….”
