India, Singapore can set global benchmarks in arbitration: MoS Meghwal

India and Singapore can set global benchmarks in fair, transparent and efficient dispute resolution, Minister of State for Law and Justice Arjun Ram Meghwal said here on Wednesday.

Addressing an Indian Council of Arbitration (ICA) Symposium cum Roundtable, Meghwal said, The significant reforms in India's arbitration laws and the establishment of the India International Arbitration Centre mark a decisive step towards creating a world-class dispute resolution framework.

These initiatives ensure that arbitration in India is faster, more efficient, and more trustworthy, he told some 150 delegates at the symposium on Bridging Markets, Resolving Disputes via ADR in the India-Singapore Corridor.

By working together, India and Singapore, two dynamic democracies with rapidly growing economies, can set global benchmarks in fair, transparent, and efficient dispute resolution, reinforcing our shared commitment to prosperity, stability and sustainable development, he said.

This progress strengthens contract enforcement and builds greater confidence among both domestic and international investors, Meghwal, who is in Singapore on a three-day visit, said.

The symposium represents a timely and strategic opportunity to deepen India-Singapore legal and economic cooperation, said the ICA.

Collaboration between the two nations in the field of alternative dispute resolution (ADR) is not only mutually beneficial but also pivotal to advancing Asia's voice in the global legal and economic discourse, said the ICA.

The minister arrived in Singapore on Wednesday with a delegation of top legal experts, including ICA President N G Khaitan, and ICA Director General Arun Chawla.