India can be a world class arbitration centre: Moily
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Last Updated: Wednesday, September 08, 2010, 15:31
  
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 research.

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 Forward."

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 centre.

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.

PTI


First Published: Wednesday, September 08, 2010, 15:31


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