Ukrainian Union of Producers and Businessmen and the European Arbitration Chamber announces cooperation agreement

Irina Nazarova, Managing Partner, ENGARDE Attorneys at Law, for PLC Arbitration multi-jurisdictional monthly e-mail

The Ukrainian Union of Producers and Businessmen (UUBP) and the European Arbitration Chamber have announced a cooperation agreement which aims to provide Ukrainian businesses with new opportunities to protect their interests and rights abroad.

On 13 October 2009, the Ukrainian Union of Producers and Businessmen (UUBP) and the European Arbitration Chamber announced a cooperation agreement during a roundtable meeting. The UUBP, which represents the interests of businesses in Ukraine, believes that Ukraine lags behind other European countries in so far as property rights and the rights of investors are concerned. It contends that Ukrainian exporting companies and other Ukrainian businesses operating abroad are often in need of effective legal support.

The cooperation agreement concluded with the European Arbitration Chamber aims to provide Ukrainian businesses with new opportunities to protect their interests and rights abroad. The cooperation will be aimed at modification of the national legislation in order to create an encouraging environment for relations between Ukrainian and foreign companies, with a particular focus on extra-judicial dispute resolution such as arbitration.