External affairs minister S Jaishankar emphasized the benefits of arbitration during the inauguration of the Arbitration Bar of India in Delhi on Saturday. Speaking at the event held at Bharat Mandapam, Jaishankar acknowledged arbitration as a fundamental aspect of modern dispute resolution.
“We all do know it as an efficient and equitable method of resolving disputes and providing a streamlined alternative for what can often be very intricate judicial processes.
So whether it is in domestic or international arenas, arbitration certainly inspires confidence , it fosters economic growth, and it upholds the rule of law,” the EAM said.
Jaishankar stressed the significance of arbitration in India, particularly during a period of rapid economic growth in a globalized context. He noted that high-quality arbitration plays a crucial role in attracting foreign direct investment, which is essential for the country to fully capitalize on its advantages in democracy, demographics, and demand.
The EAM also highlighted the government’s efforts in streamlining interstate commerce through the Goods and Services Tax, fostering a unified national market, and promoting digitally enabled delivery. These initiatives, along with legal reforms such as the insolvency and bankruptcy code and amendments to financial laws, have contributed to creating a stable and positive business environment.
Jaishankar emphasized the importance of strengthening dispute resolution mechanisms, including commercial courts and alternative dispute resolution, as they enhance investor confidence and reduce the burden on the judiciary. As the Foreign Minister, he acknowledged the significance of arbitration in facilitating international trade and investment by providing a stable and predictable dispute resolution mechanism.
In a post on X, Jaishankar expressed his satisfaction in attending the launch of the Arbitration Bar of India, saying that “‘Arbitrate in India!’ should be a natural accompaniment of @makeinindia as our economy grows and the nation globalizes.” He
commended the Modi Government’s recognition of the importance of high-quality arbitration in improving the ease of doing business and expressed confidence in the legal community’s contributions towards a Viksit Bharat.