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Law, Justice and IT Minister Ravi Shankar Prasad on Saturday said that India is keen to provide an expeditious dispute resolution system to investors and aims to become a global arbitration centre.
“While we welcome investments, we are keen on expeditious dispute resolution system. We want India to become a centre for global arbitration,” he said at a conference on international arbitration in BRICS countries.
His comments come at a time when India is working on a blueprint to become an international centre for commercial arbitration cases. International arbitration centres in Mumbai and Delhi are likely to be launched soon.
Prasad further noted that though India has some of the best judges, they do not get adequate representation in international arbitration cases.
Robust arbitration forum
He also said that there is a need for a robust arbitration forum for the five-member bloc of Brazil, Russia, India, China and South Africa (BRICS) that would match the growth in their business.
“If there is growth in business, disputes will rise. That’s why there is a need to put in place a robust arbitration forum,” he said, while underlining that international arbitration must also appreciate the social constraints of investment in a country.
BRICS nations inter trading
According to government data, the five BRICS nations have an inter trading of $ 242 billion in 2015.
“It appears obvious that an efficient and effective measure for the resolution of any commercial or investment dispute by investors or trading entities between the BRICS nations is imperative to encourage further economic activity and cooperation,” the Finance Ministry had said in an earlier statement.
“If BRICS compromises around 42 per cent of population and 30 per cent of geography then why do we see less number of arbitrators from these countries,” he asked.
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