CJI highlights Hyderabad’s Arbitration Center at international conference in Dubai

Jeddah: Crisis in one part of the world often creates ripples in other parts and can affect the global supply chain, commented Chief Justice of India Justice N. V. Ramana. “From time to time, conflicts between territories, environmental changes, natural calamities, and even the ongoing pandemic have resulted in economic disturbances. Such disturbances tend to […]

Jeddah: Crisis in one part of the world often creates ripples in other parts and can affect the global supply chain, commented Chief Justice of India Justice N. V. Ramana. “From time to time, conflicts between territories, environmental changes, natural calamities, and even the ongoing pandemic have resulted in economic disturbances. Such disturbances tend to leave a lasting impact on global trade”, he added.

Addressing the fourth edition of the international conference on “arbitration in the era of globalisation” in Dubai on Saturday. He said that “we live in a closely knit world. Yet, we continue to be sovereign nations, having our own independent legal regime. Each nation has to legislate keeping in view its past and socio-economic conditions. Different nations therefore regulate issues like intellectual property rights, taxation and tariffs, crypto currency, differently. Any and every effort to evolve a universally acceptable mechanism for dispute resolution must be alert to this reality.”

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The Chief Justice said that the globalized world demands embracing a dispute redressal mechanism that is acceptable and fair to everyone. Fairness demands a platform where both parties get an equal say in the resolution of their dispute. This is where International Arbitration comes into play. Several international dispute resolution institutions are being established across India, to provide the commercial world speedy and effective resolution of their disputes, he said.

Justice Ramana hailing Telangana government in the setting up of an International Arbitration and Mediation Center at Hyderabad and hoping to deliver to the international standards. He said there is lot of scope for establishing such arbitration centers in the country. The Chief Justice called for cooperation among arbitration centers rather than competition and hoped that Dubai Arbitration Center and its counterparts in India will cooperate, share information and knowledge. He also said that Dubai is preferred arbitration destination for Asian countries.

Despite pandemic, there was huge growth in arbitration law and jurisprudence of India, said Justice Hima Kholi of Supreme Court. Justice Ramana will wrap up his maiden visit to gulf region on Sunday. He was accorded community reception and visited Guru Dwara, Indian Pavilion in World Expo.

 

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