You are here: Home » PTI Stories » National » News

India for creation of BRICS arbitration mechanism

has proposed setting up a task force of experts from BRICS nations to explore the possibility of creating an arbitration mechanism for expeditious resolution of cross-border commercial disputes.

As per the minutes of the BRICS Conference on International Arbitration, Finance Minister proposed to the BRICS nations to set-up a task force of experts and officers to explore the possibilities for an arbitration mechanism.

The report, posted on the website of the Finance Ministry, said it was recommended that a task force be constituted at the upcoming BRICS Summit on October 15-16 to identify challenges in international arbitration in these countries.

The said task force can examine and recommend institutional reforms in the arbitration area to enhance economic cooperation between member states and develop an alternative arbitration mechanism for dispute resolution, it said.

Jaitley also noted the strength of the economies of BRICS (Brazil, Russia, India, and South Africa) countries which have been able to stave off many detrimental ramifications of the global economic meltdown post 2008.

"While admitting that some member states were suffering from some economic concerns, the same were termed as transient issues which will be resolved due to the robust nature of economies of the BRICS countries," it said.

It was stressed that optimal balance between public welfare and commercial interests must be attained, in order to enhance the economic standing of the BRICS nations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22
Business Standard

India for creation of BRICS arbitration mechanism

Press Trust of India  |  New Delhi 

has proposed setting up a task force of experts from BRICS nations to explore the possibility of creating an arbitration mechanism for expeditious resolution of cross-border commercial disputes.

As per the minutes of the BRICS Conference on International Arbitration, Finance Minister proposed to the BRICS nations to set-up a task force of experts and officers to explore the possibilities for an arbitration mechanism.



The report, posted on the website of the Finance Ministry, said it was recommended that a task force be constituted at the upcoming BRICS Summit on October 15-16 to identify challenges in international arbitration in these countries.

The said task force can examine and recommend institutional reforms in the arbitration area to enhance economic cooperation between member states and develop an alternative arbitration mechanism for dispute resolution, it said.

Jaitley also noted the strength of the economies of BRICS (Brazil, Russia, India, and South Africa) countries which have been able to stave off many detrimental ramifications of the global economic meltdown post 2008.

"While admitting that some member states were suffering from some economic concerns, the same were termed as transient issues which will be resolved due to the robust nature of economies of the BRICS countries," it said.

It was stressed that optimal balance between public welfare and commercial interests must be attained, in order to enhance the economic standing of the BRICS nations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

RECOMMENDED FOR YOU

India for creation of BRICS arbitration mechanism

India has proposed setting up a task force of experts from BRICS nations to explore the possibility of creating an arbitration mechanism for expeditious resolution of cross-border commercial disputes. As per the minutes of the BRICS Conference on International Arbitration, Finance Minister Arun Jaitley proposed to the BRICS nations to set-up a task force of experts and officers to explore the possibilities for an arbitration mechanism. The report, posted on the website of the Finance Ministry, said it was recommended that a task force be constituted at the upcoming BRICS Summit on October 15-16 to identify challenges in international arbitration in these countries. The said task force can examine and recommend institutional reforms in the arbitration area to enhance economic cooperation between member states and develop an alternative arbitration mechanism for dispute resolution, it said. Jaitley also noted the strength of the economies of BRICS (Brazil, Russia, India, China and ... has proposed setting up a task force of experts from BRICS nations to explore the possibility of creating an arbitration mechanism for expeditious resolution of cross-border commercial disputes.

As per the minutes of the BRICS Conference on International Arbitration, Finance Minister proposed to the BRICS nations to set-up a task force of experts and officers to explore the possibilities for an arbitration mechanism.

The report, posted on the website of the Finance Ministry, said it was recommended that a task force be constituted at the upcoming BRICS Summit on October 15-16 to identify challenges in international arbitration in these countries.

The said task force can examine and recommend institutional reforms in the arbitration area to enhance economic cooperation between member states and develop an alternative arbitration mechanism for dispute resolution, it said.

Jaitley also noted the strength of the economies of BRICS (Brazil, Russia, India, and South Africa) countries which have been able to stave off many detrimental ramifications of the global economic meltdown post 2008.

"While admitting that some member states were suffering from some economic concerns, the same were termed as transient issues which will be resolved due to the robust nature of economies of the BRICS countries," it said.

It was stressed that optimal balance between public welfare and commercial interests must be attained, in order to enhance the economic standing of the BRICS nations.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard