Arbitration Best-suited Resolution Mechanism for Globalized World: Chief Justice of India
ICA hosts fourth edition of its ‘International Conference on Arbitration’ in Dubai
Dubai, March 19, 2022: Hon’ble Chief Justice of India (CJI), Mr N.V. Ramana today said that the globalized world demands embracing a dispute redressal mechanism that is acceptable and fair to everyone. Shri Ramana was speaking at the International Conference on ‘Arbitration in the Era of Globalization (4th Edition) organised by the Indian Council of Arbitration (ICA). “Fairness demands a platform where both parties get an equal say in the resolution of their dispute. This is where International Arbitration comes into play. Arbitration is the best suited dispute resolution mechanism for the globalized world,” added Mr. Ramana.
The Chief Justice further said, “Parties should be confident that an award rendered by a tribunal in one nation will be executable in another, without any hassle. To meet this goal, nations around the world have attempted to create effective structural mechanisms. Efforts were made to ensure that arbitration becomes a popular mode of dispute resolution. To increase the faith of parties on the arbitration framework of a nation, adequate statutory backing regarding enforcement of awards is necessary. Interim measures of protection are also important.”
“There has been a rapid growth in the world trade in the past four decades and the trend suggests that it will grow further. Advancements in the field of science and technology, easier travel and faster communications have turned the world into a global village. At the same time, the enhanced inter-dependence also makes us vulnerable. Crisis in one part of the world often creates ripples in other parts and can affect the global supply chain,” added the Chief Justice.
In his address, Mr Sunjay Sudhir, Ambassador of India to UAE said, “India and the UAE trade clocked about USD 60 bn in the pre-covid times, and we expect it to rise up to USD 100 bn in next 5 years. Enhanced trade flows and new opportunities will be followed by larger investment flows. The environment of enhanced trade & investments may give rise to disputes. As a result, a cost-effective, time-saving mechanism is required to settle these disputes.”
“Over the past few years, there have been some notable developments in arbitration in the middle east. The growth in the economy and trade of the UAE has brought with it an increase in dispute resolution offerings. Parties are willing to have disputes resolved with the mechanism of arbitration. Similarly, the arbitration ecosystem in India has benefitted from range of steps taken by the government. It is a matter of encouragement for the foreign investor community that arbitral awards are less challenged,” added Mr Sudhir.
Mr Subhrakant Panda, Senior Vice President, FICCI & Managing Director, India Metals & Ferro Alloys Ltd. highlighted the work of ICA and FICCI’s association with the Council over the years. “The arbitration ecosystem of India has been a redeeming feature and has witnessed significant growth,” said Mr Panda.
Mr N G Khaitan, President, ICA & Senior Partner, Khaitan & Co. also highlighted the activities, efforts of ICA over the years and the importance of this global conference in enabling the progress of India.
Mr Arun Chawla, Director General, FICCI & Advisor, ICA said, “A supportive yet non-interventional approach to arbitration is the universally agreed key to inspire confidence in the global business community. The judiciary, being one of the four legs of the great Indian democracy can strengthen and facilitate this process.”
The Conference highlighted the increasing relevance and impact of arbitration, particularly with regard to international commercial arbitration in global landscape of dispute resolution. The Conference also saw sessions on Challenges in Cross Border Disputes: Way Forward, Navigating AI & Technology Disputes via Arbitration, MED-ARB: Developing an International Model, and International Arbitration: Its Interplay with Civil and Common Law.
The day-long event also saw participation from Hon’ble Mr Justice L. Nageswara Rao, Judge, Supreme Court of India, Hon’ble Dr Justice D.Y. Chandrachud, Judge, Supreme Court of India, Hon’ble Ms Justice Jima Kohli, Judge, Supreme Court of India who joined virtually. Industry leaders including, Mr Daniel Wilmot, Partner, Stewarts Law, London, Mr Ganesh Chandru, Partner, Dua Associates, Ms Pinky Anand, Sr. Advocate & Former Additional Solicitor General of India, Mr Vyapak Desai, Head, International Dispute Resolution and Investigation, Nishith Desai Associate, India among others also participated in the Conference.
The ICA was established in 1965 as a specialized arbitral body at the national level under the initiatives of the Govt. of India and apex business organizations like FICCI etc.
To know more about the Indian Council of Arbitration, please visit: https://www.icaindia.co.in/