India is moving fast towards becoming an international arbitration hub: SEPC
May 2022, New Delhi: SEPC, an Export Promotion Council set up by the Ministry of Commerce & Industry, Government of India and an apex trade body to facilitate services exporters from India organized “International Arbitration: An Indian Perspective”, a one-day conference on 14th May 2022 at Plenary Hall, Vigyan Bhawan in New Delhi.
The proposed theme of the conference has always been a matter of interest to policymakers and legal luminaries. Moreover, international arbitration has become very important for the growth of a nation as it brings more acceptability to the world at large. Also, making India an International Arbitration hub is part of the Indian Government’s priorities.
As part of the conference, several connecting issues of International Arbitration related to India on the global front were highlighted and it would help and empower the legal service sector in handling, managing, and implementing the international arbitration process/awards.
The event exclusively brought together the legal Industry Experts, Senior Government Officials from respective Ministries, the Chief Justice of India, Justices from the Honorable Supreme Court of India and High court of Delhi, our ambassadors in different regions of the world, other stakeholders, and prominent lawyers from the country. To achieve its objective and widen its reach, participation was also encouraged by keen students interested in international law and arbitration.
Addressing the gathering, Hon’ble Mr. Justice S. Ravindra Bhat, Supreme Court of India delivered a comprehensive presentation about innovative techniques from around the world that help in making arbitration time efficient. He shared, “Techniques such as hot tubbing, which originated in Australia and helps in streamlining the bounteous data for cases thus making the process of resolving legal procedures at a swifter pace. Such innovative and efficient techniques need to find a place in the legislature of India for us to become the hub of international arbitration.”
Delivering an insightful talk, Dr. Abhay Sinha, Director General, SEPC said, “The global value of the dispute is 86 billion USD according to a 2018 report and continues to grow at a rate of 10%. The cases will continue to grow as our country opens to more global business. The three main aspects of the global value of disputes that we need to work upon are creating an international framework, spreading awareness globally about our strength and international arbitration and sustaining effort so the graphs go onward and upwards.” He also explained the important role that SEPC plays in taking Indian legal services at a global level through different modes of supply.
Shri Rakesh Kumar Sharma, Chairman – Legal Services, SEPC shared, “The term Palm tree justice comes from Latin but it also comes from Panchayat where we talk about how wise man sitting under a palm tree serves as an arbitrator. We have come a long way and the journey has progressed from a man under a palm tree to panchayat and to now institutional arbitration.”
The event focused on augmenting a future where arbitration is used more in commercial matters regardless of the status and it also offered a unique opportunity to both industry experts and young, keen minds to understand and develop their skills in international arbitration and to perceive the realistic picture of the practice of international arbitration.