(MENAFN- Khaleej Times)The DIFC Courts and Supreme Court of the Republic of Kazakhstan signed a cooperation agreement on Saturday. 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. 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 familiarised themselves with the work of the DIFC Courts. Today on behalf of the President of the country Nursultan Nazarbayev the same international financial centre 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 organisation 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." -
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