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International arbitration skewed in favour of developed world: Prasad
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SME Times News Bureau | 27 Aug, 2016
Advocating that India become a hub for dispute redressal, Law and IT
Minister Ravi Shankar Prasad on Saturday pointed to the skewed nature of
international arbitration, saying currently only some developed
countries occupy centre stage in this space.
"Why should only
some countries become the centre ff dispute redressals," Prasad asked,
addressing a conference here on 'International Arbitration in BRICS'
jointly organised by industry chamber FICCI and the Department of
Economic Affairs.
The conference is organised as a lead-up to the
BRICS (Brazil, Russia, India, China, South Africa) leaders summit to be
held in Goa in October, India being the chair of the grouping this
year.
"Why is there this presumption that only Western legal
system trained arbitrators should occupy the world dispute redressal
mechanism. I am articulating this as the law minister of India," he
said, noting that nearly 70 per cent of arbitrators in the international
arbitration process belong to the "first world and developed nations."
"India has the finest judges, but only a small fraction are represented in the world arbitration process," the minister added.
Pointing
to the current inadequacies of the international arbitration system,
Prasad said India in this regard has had a "mixed experience" of the
Bilateral Investment Treaties (BITs).
"The international
arbitration system is ad hoc and frequently unpredictable. It is very
important to address this concern. The world will never be truly global,
if it is delinked from the local," he said.
He said the new Indian model BIT has been designed to protect both the foreign investor as well as address Indian concerns.
"The right of investors needs to be balanced with the sovereign right of regulation of countries," Prasad said.
"Dispute
redressal has also to make space for social considerations. It cannot
only be restricted to the parties in an investment agreement, but also
allow for the needs of the poor," the minister added.
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