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India has the potential to emerge as a leading seat for international dispute resolution, President Pranab Mukherjee said today.
"I am convinced that India has the potential to emerge as a leading seat for international dispute resolution. Prime Minister has also declared that an enabling alternate dispute resolution ecosystem is a national priority for India and that we need to promote India globally as an arbitration hub," Mukherjee said in his address at a conference to mark 50th anniversary of United Nations Commission on International Trade Law (UNCITRAL).
He said while India has had a long history of peaceful resolution of disputes from the Panchayat system onwards to several enactments concerning arbitration prior to Independence, the year 1996 marked a watershed in the development and modernisation of arbitration in India. Critical amendments were made to the Arbitration and Conciliation Act to ensure timely and just resolution of arbitral disputes.
India last month launched a national initiative towards strengthening Arbitration and Conciliation.
The Prime Minister has also declared that an enabling alternate dispute resolution ecosystem is a national priority for India and that there is a need to promote India globally as an arbitration hub.
The President expressed confidence that the deliberations in the Conference would explore ways and means of fostering a healthy and sustainable culture of international arbitration and conciliation.
The President said India is delighted to host the golden jubilee celebrations of UNCITRAL as part of India's commitment to the purposes and principles of the United Nations and the evolution of its specialised programmes and agencies.
It is a glowing testament to India's commitment to the rule of law that India is only one of eight countries that has been a member of UNCITRAL from its inception, and has recently been re-elected for a term of six years, he said.
India recognises that the impact of UNCITRAL has been far beyond mere facilitation of international trade, he said, adding that its exemplary work over the years has provided significant thought leadership that has inspired transformation of several domestic legal regimes to facilitate both domestic and transnational commerce and trade.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)