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NITI Aayog organises workshop on Best Practices in International Arbitration

Oct 11, 2018 13:11 IST
NITI Aayog organises workshop on Best Practices in International Arbitration

The inaugural ‘Workshop on Best Practices in International Arbitration’ was organised by NITI Aayog and the ICC International Court of Arbitration in New Delhi on October 10, 2018.

The workshop was inaugurated by the chief guest, Justice AK Sikri, who is a judge at the Supreme Court of India and was presided over by PP Chaudhary, MoS in the Law Ministry. NITI Aayog CEO Amitabh Kant was also present on the occasion.

Objective

The workshop is a part of the on-going efforts to institutionalise and streamline dispute resolution to make India a hub for doing business.

It aims to encourage and highlight the need for understanding and implementing arbitration across the spectrum of commercial contracts.

The workshop follows up on the international conference on arbitration held in 2016 and the National Law Day conference in 2017.

Key Highlights

The workshop was attended by over 200 senior officers from central and state governments and public sector undertakings.

It covered the basic concepts of international arbitration and included best practices on drafting of arbitration agreements and the 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 topics of the information sharing session were delivered by world-class faculty and practitioners from the United Kingdom, Singapore, Paris and India.

Significance

The training and brainstorming workshop is an integral part of the on-going effort of the NITI Aayog in a co-operative setting to skill and prepare senior officers for best global practices and give them the opportunity to gain expertise in enhancing their ability to understand, review, revise and draft arbitration related aspects of contracts.

The initiative is significant, as it is important for investors, both domestic and international, to have faith in the dispute resolution mechanism in India, especially with the government’s increased focus on ‘Make in India’.

A well-drafted dispute resolution mechanism and a comprehensive understanding of best practices and procedures would complement the initiative and give the much-needed impetus to effective and timely enforcement of contracts.

Background

NITI Aayog first highlighted the importance of Arbitration by organising a successful two-day conference on international arbitration in 2016, which had over 1400 participants and was presided over by the President and Prime Minister of India and saw participation from the Chief Justices of all SAARC countries.

The conference explored the vitality of commercial arbitration, both domestic and international, as the preferred method of resolving disputes between parties.

Following this, NITI Aayog also organised the two-day National Law Day Conference in 2017, with the Law Commission of India, which explored a new ground with debates and discussions on a multitude of legal aspects, including dispute resolution.

The conference also had over 1400 participants on each day of the event and was presided over by the President, Prime Minister, Chief Justice of Supreme Court, Union Cabinet Ministers and other eminent personalities.

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