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Stefanchuk: we must offer fast and transparent mechanism for resolving disputes in economic relations

KYIV. March 7 (Interfax-Ukraine) – Chairman of the Verkhovna Rada Ruslan Stefanchuk considers it necessary to prepare a legislative basis for attracting investments to Ukraine after the war.

“After our victory, the restoration of the country and the attraction of investments will begin. We see the interest of the whole world and potential investors in Ukraine. Therefore, now our task is to prepare a legislative basis for changing the legal regulation of economic relations … We must offer at the state level a quick, honest and transparent mechanism for reviewing disputes in all economic relations without exception,” Stefanchuk wrote on Facebook after the round table on changes in the legal regulation of economic relations: prospects and risks in the Supreme Court, in which he took part on Monday.

According to the speaker, now the focus is on updating substantive investment legislation, simplifying economic procedural legislation to speed up the consideration of economic disputes, and searching for other forms of guaranteeing fair justice to the investor.

“Among the ideas are extending the competence of the Supreme Court on intellectual property issues to disputes on the protection of foreign investments; the introduction of foreign jurisdictions on investment disputes; the development of alternative methods for resolving disputes … The issues are debatable. On the one hand, there are opinions that this will help attract investment, and the application of foreign law will improve their protection, but there are risks, first of all, in the interpretation of what can be considered an “investment” and how, under such conditions, to clearly determine the jurisdiction of the relevant court,” Stefanchuk said.

At the same time, the Chairman of the Verkhovna Rada emphasized that investments will never work without trust in the judicial system.