NITI Aayog Workshop on Best Practices in International Arbitration
The NITI Aayog and ICC International Court of Arbitration organized the inaugural Training-cum-Brainstorming Workshop on Best Practices in International Arbitration in New Delhi on Wednesday.
Complementing ‘Make in India’ vision with ‘Resolve in India’, strong alternate dispute resolution mechanisms are important levers in encouraging the Ease of Doing Business and Ease of Living in India.
The workshop was inaugurated by the chief guest, Justice Arjan Kumar Sikri, Judge, Supreme Court of India, and was presided over by P. P. Chaudhary, Minister of State, Ministry of Law and Justice. Amitabh Kant, CEO, NITI Aayog was also present during the workshop.
The workshop is part of on-going efforts to institutionalize and streamline dispute resolution to make India a hub for doing business. With government’s thrust on ‘Make in India,’ it is important for investors, both domestic and international, to have faith in the dispute resolution mechanism in India.
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In this regard, a well drafted dispute resolution mechanism and a comprehensive understanding of best practices and procedures would complement the initiative and give impetus to effective and timely enforcement of contracts.
The workshop covered basic concepts of international arbitration and included best practices on drafting of arbitration agreements, factors to consider when deciding on the seat, venue, institution, and governing law. It also covered topics related to the selection of arbitrators; enforcement of arbitral awards and the role of courts before, during, and after the arbitration.
The training-cum-brainstorming workshop is an important part of the on-going endeavour by NITI Aayog in a co-operative setting to train and prepare senior officers for global best practices and give them the opportunity to gain expertise in enhancing the ability to understand, review, revise and draft arbitration related aspects of contracts.
Photo courtesy: NITI Aayog
