India has the potential to emerge as a leading seat for international dispute resolution, said President Pranab Mukherjee on Monday.
He also said that India was uniquely placed to contribute to the development of legal principles for harmonisation and unification commercial and trade laws, from addressing an International conference tomarkthe 50th anniversary of the United Nations Commission on International Trade Law (UNCITRAL).
President Mukherjee said, “I am convinced that India has the potential to emerge as a leading seat for international dispute resolution. Prime Minister (Narendra Modi) 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.”
To ensure timely and just resolution of arbitral disputes the President said that critical ammendments have been made to the Arbitration and Conciliation Act.
He said, “India's sustained growth rate of over 7 percent is amongst the highest in the world and its large domestic market has attracted global enterprise of the highest calibre. India is, therefore, uniquely placed to contribute to the development of legal principles for harmonisation and unification in commercial and trade laws.”
He also added that, “It is in such times of change, that institutions such as UNCITRAL become even more relevant bringing legal, financial and technical experts together to contemplate and design the legal framework for future trade and commerce.”
--with agency inputs
|
|
Comments:
