FM pitches for task force to help set up arbitral centres in BRICS nations
29/08/2016 14:20
The Minister for Finance and Corporate Affairs, Arun Jaitley has underlined the need to constitute a Task Force of experts and officials to deliberate on the challenges in international arbitration in the BRICS countries and put in place institutional mechanisms to establish arbitral centres in these nations.
Delivering the valedictory address at the conference on ‘International Arbitration in BRICS – Challenges, Opportunities and Road Ahead’, Jaitley reminded the delegates that in the pursuit of free trade one must not lose the sight of the fact that free trade also means fair trade, which is not detached from local commitments.
To strengthen the arbitration mechanism, the Finance Minister emphasised the need to have lawyers of credibility and said it was necessary to make enforcement of awards largely free from the interference by domestic courts. This, he said, was imperative as many countries fear that the arbitral awards are loaded against the emerging countries.
Jaitley said that the challenges posed by economic slowdown continue to haunt the global economy.
The emerging economies, pre-dominantly the BRICS nations, would have to shoulder the responsibility of driving global growth. Therefore, he said, the BRICS nations would have to evolve and put forth a common agenda for growth and the key is to develop local capabilities to deal with the challenges that lie ahead.
29/08/2016 14:20
Delivering the valedictory address at the conference on ‘International Arbitration in BRICS – Challenges, Opportunities and Road Ahead’, Jaitley reminded the delegates that in the pursuit of free trade one must not lose the sight of the fact that free trade also means fair trade, which is not detached from local commitments.
To strengthen the arbitration mechanism, the Finance Minister emphasised the need to have lawyers of credibility and said it was necessary to make enforcement of awards largely free from the interference by domestic courts. This, he said, was imperative as many countries fear that the arbitral awards are loaded against the emerging countries.
Jaitley said that the challenges posed by economic slowdown continue to haunt the global economy.
The emerging economies, pre-dominantly the BRICS nations, would have to shoulder the responsibility of driving global growth. Therefore, he said, the BRICS nations would have to evolve and put forth a common agenda for growth and the key is to develop local capabilities to deal with the challenges that lie ahead.
