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. Today, on behalf of the President of the country Nursultan Nazarbayev within the framework of the Plan of the Nation “100 concrete steps” the same international financial center is being created in Astana. This will greatly enhance the investment activity and trade in the region with access to international markets. In this context, information and developments of DIFC, including the organization of the courts are of big importance to Kazakhstan. I am sure that the exchange of experiences and knowledge between the Supreme Court of the Republic of Kazakhstan and the DIFC in the future will only increase and develop new topics for fruitful cooperation. This will fully contribute to the memorandum signed by us.”
“The relationship between our two countries goes deeper than simple trade and commerce and is increasingly characterised by the sharing of knowledge. We are delighted to sign this memorandum with the DIFC Courts, which further strengthens the relationship between our two countries.”
Since their jurisdiction was opened to businesses worldwide in October 2011, the DIFC Courts have established one of the world’s strongest enforcement regimes. Their judgments can be enforced internationally through treaties such as the GCC Protocol and Riyadh Convention; treaties with China and France; and arrangements with many common law courts overseas, including the Commercial Court of England and Wales, the Supreme Court of Singapore, and the United States District Court for the Southern District of New York.