India’s Emergence as an Arbitration Venue Applauded by EAM Dr. S. Jaishankar

During the inauguration of the Arbitration Bar of India in Delhi, External Affairs Minister Dr. S. Jaishankar hailed the significance of arbitration in contemporary dispute resolution. Speaking at the event held at Bharat Mandapam, Dr. Jaishankar underscored the pivotal role of arbitration in fostering economic growth and upholding the rule of law.

In his address, Dr. Jaishankar emphasized India’s growing prominence as an arbitration venue, describing it as a significant step in the nation’s journey towards becoming a global arbitration hub. He noted that arbitration offers an efficient and equitable alternative to traditional judicial processes, both domestically and internationally, instilling confidence and certainty in dispute resolution.

Highlighting the importance of arbitration in India’s development trajectory, Dr. Jaishankar underscored the need for harmonizing, mediating, and settling differences as the country progresses towards its vision of a developed India (‘Viksit Bharat’). He emphasized the crucial role of the legal fraternity in contributing to this evolution, citing the inauguration of the Arbitration Bar of India as a notable step in this direction.

Dr. Jaishankar also commended the government’s initiatives aimed at simplifying interstate commerce, including the implementation of Goods and Services Tax (GST) and legal reforms such as the Insolvency and Bankruptcy Code. These efforts, coupled with amendments to financial laws, have contributed to creating a stable and conducive business environment in India.

The inauguration of the Arbitration Bar of India signifies India’s commitment to enhancing its arbitration ecosystem and becoming a preferred destination for dispute resolution on the global stage. With continued support from both the government and the legal community, India is poised to emerge as a leading arbitration hub, further bolstering its position as a key player in the international legal landscape.

 If you like this story, share it with a friend!