The Alat Free Economic Zone, strategically located near Baku, is a hub designed to boost economic growth in Azerbaijan through investment and trade. AFEZ offers a legal and business environment with tax incentives and simplified customs procedures to attract foreign investors. The primary objective of the visit was to exchange knowledge and insights on establishing and operating a dispute resolution body within the AFEZ.
The DIS team provided an overview of its arbitration rules, including the ad valorem fee system, and discussed the legal nature of the DIS as an ‘association with a purpose‘, emphasizing its role in promoting arbitration. The AFEZ team then presented the framework and vision of the AFEZ. They highlighted the legal structure, applicable laws, and economic benefits of the zone to the Azerbaijani economy, as well as the drafting of arbitration and mediation rules for the planned Dispute Resolution Centre.
The discourse also covered critical aspects of enforceability of arbitral awards issued within the AFEZ. Both sides mutually profited from this intercultural and comparative exchange on the drafting process.
The meeting concluded with an informal gathering on the terrace of the Villa, fostering further discussions and networking. We would like to thank our guests for the refreshing insights and the lively dialogue.
Vivien Herrmann and Andrea Windemuth