New Delhi: Finance Minister Arun Jaitley will inaugurate BRICS conference here on arbitration on August 27 which will deliberate on ideas and insights regarding dispute resolution mechanism among the 5 emerging nations that form the group.
India has assumed the chairmanship of BRICS-2016 and a major political-cum-business engagement will be held here in October this year.
As a lead up to this Summit, Indian has initiated a number of events within the spirit of the BRICS, one of which being the Conference on 'International Arbitration in BRICS: Challenges, Opportunities and Road ahead', the Finance Ministry said in a statement today.
As of 2015, it said, the five nations - Brazil, Russia, India, China and South Africa (BRICS) -- have trading of USD 242 billion.
"It appears obvious that an efficient and effective measure for the resolution of any commercial or investment dispute by investors or trading entities between the BRICS nations is imperative to encourage further economic activity and cooperation," it said.
The conference brings together national and international experts from BRICs countries in the field of international arbitration, with an aim to assess, evaluate and debate ideas and insights regarding dispute resolution mechanism and arbitration which are integral to economic growth and stability, it said.
It will outline the necessary and latest developments in particular areas of arbitration in respective countries as on date, showcase related challenges and deliberate towards a stronger arbitration regime and culture in the BRICS countries, it said.
The valedictory speech will be delivered by Ravi Shankar Prasad, Minister of Law & Justice, Electronics & Information Technology.
The conference, organised by the Department of Economic Affairs, will debate and deliberate dispute settlement and enforcement of treaty awards among other things.
Outcomes of this conference could go a long way in better understanding an optimally utilising the legal framework governing international arbitration involving BRICS member states, it said.