India can be a world class arbitration centre: Moily
India has a comprehensive, contemporary and progressive legal framework to support international arbitration that is on par with the best in the world, Union Minister M Veerappa Moily said here Wednesday.
Singapore: India has a comprehensive,
contemporary and progressive legal framework to support
international arbitration that is on par with the best in the
world, Union Minister M Veerappa Moily said here Wednesday.
"Indian courts offer full support and encouragement for
arbitration," Moily told the International Arbitration
Centre`s conference on `India: Prime Global Business
Destination ` An Arbitral Perspective`.
Every effort was being made to resolve problems that
hinder working for arbitration in India, starting with
amendment of certain provision of law to changing mindset of
stakeholders including judges, arbitrators, lawyers and
parties involved in such process, he stressed.
The Law and Justice Minister also underlined the
sophisticated legal system in India, which is party to the
United Nations Commission on International Trade Law and the
New York Convention that allows arbitral awards by courts in
almost any country around the world.
As the Indian economy develops with increasing
international investments, Moily said the Indian universities
would be encouraged to create a separate faculty or department
for arbitration law as a specialised study and incisive
Moily arrived for a two-day visit to Singapore to study
the Singapore International Arbitration Centre.
He would also deliver a lecture to the Singapore business
community on "India`s Legal Landscape: Challenges and the Path
During his two day stay, Moily would be visiting the Law
Society and the Singapore Management University`s Law School
as well as meet Chief Justice Chan Sek Keong and Speaker of Parliament Abdullah Tarmugi.
Commenting on the Indian efforts on arbitration network
amidst the growing international business presence in that
country, Singapore Law Minister K Shanmugam said India has the
wealth of talent for building a world class arbitration
Singapore would share its arbitration knowledge with
India and it would be for India to see what part of it would
be adaptable to its own situation, he said.