DIFC Courts support UAE-Kazakhstan trade ties

30/08/2015 05:55 AST

UAE-Kazakhstan business ties were today boosted by the signing of a cooperation agreement between the DIFC Courts and Supreme Court of the Republic of Kazakhstan. The Memorandum of Guidance (MoG) provides businesses operating in both countries with additional certainty should a contractual dispute arise by clarifying the procedures for the mutual enforcement of money judgments.

Commercial links between the two countries have expanded significantly in recent years, with around $3 billion of UAE investment estimated to be currently deployed in Kazakhstan. With a new financial free zone planned for Astana, Kazakhstan’s capital, trade flows are anticipated to accelerate further over the coming years Michael Hwang, Chief Justice of the DIFC Courts, said: “The UAE and Kazakhstan occupy strategically important positions within the Middle East and Central Asia. Enabling trade and investment between the regions are financial hubs such as the Dubai International Financial Centre and the one that will be soon established in Astana. With commerce becoming ever more global, it is imperative that judicial systems connect to support the needs of businesses, such as by formalising how money judgments are mutually enforced. We look forward to working with the Supreme Court of the Republic of Kazakhstan to support this increasingly important channel of international trade.”

The Supreme Court of the Republic of Kazakhstan is the highest judicial body of the Republic of Kazakhstan. In addition to clarifying enforcement procedures, the MoG also sets out the intention of the two judiciaries to cooperate on training and educational initiatives.

Kairat Mami, Chairman, Supreme Court of the Republic of Kazakhstan, said: “Today the relations between Kazakhstan and the UAE are developing intensively in many areas of economy and culture. It is gratifying to note that active partnerships are also being built in the judicial sphere. The official visit of the delegation of Kazakhstan judges to the UAE happened this year during which they familiarized themselves with the work of the DIFC Courts.

The Gulf Today