India positioning itself as global arbitration hub: Arjun Ram Meghwal

New Delhi, Aug 29 (IANS) Union Minister of State for Law and Justice Arjun Ram Meghwal on Friday said that India is steadily positioning itself as a global hub for arbitration with a focus on establishing a network of credible arbitral institutions.

Addressing the first meeting of the India-Singapore Joint Consultative Committee (JCC), established under the Memorandum of Understanding (MoU) on cooperation in Law and Dispute Resolution in Singapore, the Union Minister said the agreement reflects the shared resolve of both nations to deepen institutional cooperation in the fields of arbitration and mediation.

Meghwal said that India is positioning itself as a global hub for arbitration with the establishment of centres like the India International Arbitration Centre, an institution of national importance.

He noted that Alternative Dispute Resolution (ADR) has become central to India’s legal reform journey, with steps such as timely amendments to the Arbitration and Conciliation Act, 1996, and the recent enactment of the Mediation Act, 2023.

Recalling India’s cultural roots in mediation, he cited the Mahabharata where Lord Krishna acted as mediator and said that with sustained reforms, India is embedding efficiency, certainty and credibility into its dispute resolution systems.

This meeting was held under the co-chairmanship of Meghwal and Edwin Tong, Minister for Law and Second Minister for Home Affairs, Government of Singapore.

Minister Edwin Tong said that legal cooperation between India and Singapore has grown in step with economic engagement and strengthened further as the two nations mark 60 years of diplomatic relations this year.

He pointed to the emerging role of flagship institutions such as the IIAC and Singapore International Arbitration Centre (SIAC), Singapore International Mediation Centre (SIMC) and Singapore International Commercial Court (SICC) in shaping and enhancing this partnership.

Stressing the importance of sustainability and forward-looking legal frameworks, he highlighted the role of such frameworks in sustainable development, especially when India is poised to become the world’s third-largest economy by 2030.

He also requested India to consider ratifying the Singapore Convention on Mediation, to which India was one of the first countries to be a signatory.

--IANS

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