Dubai: Chief Justice of India, NV Ramana, on Saturday said that arbitration was the best suitable mechanism for international disputes and asserted that all efforts to evolve a universal dispute mechanism should be taken. He said that a closely-knit and globalised world demands a redressal mechanism that is acceptable and fair to everyone.
The CJI was addressing the fourth International Conference on "Arbitration in the era of globalisation" in Dubai. Along with him, Justice DY Chandrachud, Justice L Nageswara Rao and Justice Hima Kohli also attended the event. Justice Chandrachud participated online in the event. The CJI said that the world is changing and unlike before, the economies today are open.
He said that there has been immense growth in trade and economy, from US $2 trillion in the 1980s to more than US $19 trillion and will continue to grow more as per the trend. The CJI said that crises are a part of the world and disputes among countries, natural calamities, the ongoing pandemic has a lasting impact on global trade and effective dispute resolution is necessary.
He said that different nations have different legislations as per their past and socio-economic conditions but a universal mechanism should also be evolved. Talking about India's status in arbitration, CJI said that Indian courts are pro-arbitration, saying: "Wherever I travel, I am often asked how investor-friendly the Indian judicial system is? My answer is always the same, you can trust the Indian judiciary for its absolute independence, inherent constitutional strength to treat all parties equally."
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He suggested that for arbitration to be more efficient, timelines have to be adhered to, parties' autonomy shall be maintained, grounds for challenge should be minimum, granting stay should not be normal, practical knowledge should be given importance in decision making, and robust training should be provided to young professionals. "To meet the increasing demands, they will have to cooperate rather than compete," said the CJI.
During his visit, Justice Ramana met the Emirates' Law minister Abdullah bin Sultan bin Awad Al Nuaimi on Thursday to discuss pending extraditions orders and consular access to Indians in UAE prisons.
