India’s Minister for Law and Justice Arjun Ram Meghwal was in London this week to attend the second edition of the Indian Council of Arbitration (ICA) conference, organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), and hold bilateral talks with his British counterpart – UK Secretary of State for Justice Alex Chalk.
In a special address at the second edition of ICA’s ‘Arbitrating Indo-UK Commercial Disputes’ conference organised in partnership with the Federation of Indian Chambers of Commerce and Industry (FICCI), the minister detailed the “far-reaching legal reforms” undertaken by the Prime Minister Narendra Modi led government to not only cater to foreign investor comfort level but also reduce pressure on the courts..
Meghwal said: “I am sure various reforms undertaken by the Indian government, including in the field of dispute resolution, will further act as incentive for investors and a stimulus for increasing cooperation in various sectors and take India-UK relations to newer heights.
“In order to provide a quick and robust system for resolution of commercial disputes, the government of India is working on the vision of the PM [Narendra Modi] which is more focused on providing a robust alternative dispute resolution ecosystem and strengthening the traditional dispute resolution centres.”
Sujit Ghosh, Deputy High Commissioner of India to the UK, spoke of the rapid transformation underway in the India-UK bilateral economic and commercial landscape.
He said: “This reinforces the case for greater cooperation between the two sides to strengthen the arbitration ecosystem, which would hugely contribute to the ease of doing business in the India-UK economic corridor.
“India-UK ties over the years have transformed into a robust, multifaceted and mutually beneficial partnership.”
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Justice Hima Kohli of the Supreme Court of India delivered a keynote address which covered the opening up of the country to foreign law firms on a reciprocal basis.
“Additionally, these regulations will help address concerns about the influx of foreign direct investment and establish India as a hub for international commercial arbitration. It is worth noting that India boasts of the largest number of English-speaking common law educated lawyers worldwide,” she said.
Harish Salve, a barrister at Blackstone Chambers in London and Former Solicitor General of India, shared his expertise and said it was time for all stakeholders to come together and make India the “next hub of arbitration”, like London.
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The conference commenced with opening remarks from Arun Chawla, Director General of the ICA and FICCI, who noted that the India-UK business environment calls for a robust dispute resolution tool.