The event brought together US and Caspian region officials, experts, and stakeholders to discuss the expanding business and energy environment in the South Caucasus and Central Asia, as well as regional connectivity and the COP29 agenda.
Day: September 26, 2024
In Baku, an international conference on the topic “Climate Change and Just Transition: The Role and Activities of Trade Unions” is being held, organized jointly by the Confederation of Trade Unions of Azerbaijan (AHIK), the International Labour Organization (ILO-ACTRAV), the International Confederation of Trade Unions (ITUC), and the Pan-European Regional Council (PERC), Azernews reports.
Russian-Abkhaz agreement ratified
The Abkhaz Parliament has ratified the Russian-Abkhaz agreement on the “Mutual Recognition of Court Decisions in Economic Matters.” This was one of the conditions set by the Kremlin to improve Russian-Abkhaz relations, which are currently facing a serious crisis.
In Russia, this agreement was ratified as early as the beginning of 2023. However, Abkhazia was slow to “reciprocate.” The Abkhaz Parliament delayed consideration of the issue, as expert circles largely believed the agreement would be unfavorable for Abkhazia, potentially creating difficulties for local businesses.
Nevertheless, after lengthy discussions, including behind-the-scenes negotiations, the Parliament eventually ratified the agreement by a majority vote.
The agreement aims at the mutual recognition and enforcement of court and commercial arbitration decisions that have entered into legal force, particularly regarding disputes arising from entrepreneurial and other economic activities. Its provisions also apply to judicial and arbitration decisions that have approved settlement agreements.
“The ratification will contribute to the development of interstate relations and the protection of the rights and legal interests of participants in entrepreneurial and other economic activities,” according to the explanatory note attached to the draft law.
The agreement outlines seven grounds for refusing the enforcement of court rulings, one of which includes cases where a court decision may harm sovereignty, threaten security, or contradict public order of either party involved.
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Abkhazia’s Minister of Justice, Anri Bartsits, believes that the ratification of the agreement will create new opportunities for Abkhaz entrepreneurs. According to the minister, the document implements international principles for recognizing court decisions, as outlined in the New York Convention, which is applied in over 160 countries.
“This practice is widespread around the world. As the global economy develops, there is a growing need to protect, first and foremost, the interests of national entrepreneurs,” Barcits stated.
Meanwhile, Dauda Khutaba, Chairman of the Parliamentary Committee on Legal Policy, expressed concerns that the republic’s citizens may not be fully prepared for the potential consequences of the new agreement. “I haven’t heard of any efforts to train corporate lawyers who could help our citizens protect their interests in the Russian Federation. I don’t see people being informed about the difficult situations they might encounter, what risks they could face, and how to navigate them,” Khutaba remarked.
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On September 25, the Minister of Foreign Affairs of the Republic of Azerbaijan, Jeyhun Bayramov, met with the Federal Minister of Foreign Affairs of the Swiss Confederation, Ignacio Cassis, within the framework of his participation in the high-level week of the 79th session of the UN General Assembly, Azernews reports, citing the Foreign Ministry.
