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AmCham Mongolia’s 2016 Annual Report

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AmCham Mongolia’s 2016 action plan is to encourage Mongolia’s development through private sector led economic growth, advocating for a level playing […]

LAW OF MONGOLIA
[Date] Ulaanbaatar
ARBITRATION
CHAPTER ONE
GENERAL PROVISIONS
Article 1. Purposes of Law
1.1 The purposes of this Law are:
1.1.1 to regulate the resolution of disputes by means of international and domestic arbitration in Mongolia;
1.1.2 to encourage the use of arbitration as an agreed method for fair resolution of disputes by an impartial and independent tribunal without unnecessary delay or expense;
1.1.3 to ensure that the parties are free to agree how their disputes are resolved, subject only to such safeguards as are necessary in the public interest;
1.1.4 to limit the scope for intervention by the courts in arbitration, except as so provided in this Law;
1.1.5 to promote consistency between the international and domestic arbitral regimes in Mongolia, except as so provided in this Law;

To secure Mongolia’s sustainable economic growth and reignite American investors’ confidence in Mongolia, AmCham Mongolia focuses on three issues:
I. Promoting a Fair and Stable Business Environment
Constant change in government policy erodes investors’ confidence. Investors want stability and clarity on policies and regulation. Specifically, the government needs to demonstrate its willingness to uphold the sanctity of contracts and rule of law. When trust is regained, risk is reduced and investors will be more willing to invest in Mongolia. Specific policies to promote a fair and stable business environment are:
1. Ensure consistent application of the new Investment Law. The effective implementation of this Law is subject to further regulations to be issued by the Government. Investors’ confidence depends on consistent application of the Investment Law and a stable operating environment.

As part of its mission, the American Chamber of Commerce in Mongolia is keen to support constructive suggestions for the improvement of the business environment in Mongolia. We recognize that the Government of Mongolia is facing many important and grave matters for the prosperity of all Mongolians. There are many complex national matters that will require sustained efforts and sophisticated solutions.

Trade between the U.S. and Mongolia is steadily growing since the establishment of diplomatic relations between the two countries. Bilateral trade has soared from almost nonexistent in early 1990 to over $665 million in 2012. Due to the economic growth prospects of Mongolia in the coming years, it is estimated that the bilateral trade relations between the U.S. and Mongolia will significantly increase. However, one of the obstacles to this growth potential has become the fairness of Mongolia’s policies and practices regarding protection for intellectual property rights (IPR), which disincentivizes U.S. companies already or wishing to do business with Mongolia.

This circular is issued in the interim between the autumn and spring session of the State Great Khural. Such interim periods typically experience an increase in discussions about proposed new legislation and the amendment of existing laws in anticipation of the reconvening of the legislative authority. Certainly, the discussion about best global arbitration practices will provide the back-drop for an amendment of the Arbitration Law of Mongolia.