Arbitration best-suited resolution mechanism: CJI

Dubai: Hon'ble Chief Justice of India (CJI), NV Ramana, on Monday said that the globalized world demands embracing a dispute redressal mechanism that is acceptable and fair to everyone. Ramana was speaking at the International Conference on 'Arbitration in the Era of Globalization (4th Edition)' organised by the Indian Council of Arbitration (ICA). "Fairness demands a platform where both parties get an equal say in the resolution of their dispute. This is where International Arbitration comes into play. Arbitration is the best suited dispute resolution mechanism for the globalized world," added Chef Justice Ramana.

The Chief Justice further said: "Parties should be confident that an award rendered by a tribunal in one nation will be executable in another, without any hassle. To meet this goal, nations around the world have attempted to create effective structural mechanisms. Efforts were made to ensure that arbitration becomes a popular mode of dispute resolution. To increase the faith of parties on the arbitration framework of a nation, adequate statutory backing regarding enforcement of awards is necessary. Interim measures of protection are also important."

"There has been a rapid growth in the world trade in the past four decades and the trend suggests that it will grow further. Advancements in the field of science and technology, easier travel and faster communications have turned the world into a global village. At the same time, the enhanced inter-dependence also makes us vulnerable. Crisis in one part of the world often creates ripples in other parts and can affect the global supply chain," added the Chief Justice.

In his address, Sunjay Sudhir, Ambassador of India to the UAE, said, "India and the UAE trade clocked about $60 bn in the pre-Covid times, and we expect it to rise up to $100 bn in next 5 years. Enhanced trade flows and new opportunities will be followed by larger investment flows. The environment of enhanced trade & investments may give rise to disputes. As a result, a cost-effective, time-saving mechanism is required to settle these disputes."