Prime Minister Narendra Modi will deliver the valedictory address of the first ever global conference to strengthen Arbitration and Enforcement in India at New Delhi today. Today is the third and last day of the ongoing Global Conference.
The conference which began on Friday, titled ‘National Initiative on Strengthening Arbitration and Enforcement’ is being held to change the face of dispute resolution in India.
For the first time, six leading international arbitral institutions and all major industry associations have come together to drive this initiative.
The conference aims to provide impetus to commercial arbitration in the country, which is fast gaining pace across the world.During the inauguration of the conference on Friday, President Pranab Mukherjee had called for institutional reforms to strengthen arbitration framework in India saying that courts need to devise a mechanism to handle such matters separately and avoid delays arising from judicial intervention.
In his address at the inaugural session, Finance Minister Arun Jaitley had pitched for making India an important commercial arbitral centre, saying that efforts are being made to revive the arbitration centres in Mumbai and the national capital with a view to expedite contractual dispute resolution at a lesser cost.
On the second day yesterday, discussions were held Indian Arbitration Act, Case Management of Arbitration, setting up an world class autonomous arbitration institution and court support for arbitration during different sessions.
Today an interactive session will also be held on the future of international arbitration where Chief Justices from six countries across the world will participate.