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Time to increase representation in international arbitration: Minister

Ajay Tyagi, additional secretary in the department of economic affairs, was also present at the BRICS meet along with Union Finance Minister Arun Jaitley. Tyagi too expressed his concern about the issue of the under-representation of developing countries in the international arbitration process

Arnima Dwivedi

Arnima DwivediBy Arnima Dwivedi

Published on 27 Aug 2016 8:59 AM GMT

Time to increase representation in international arbitration: Minister
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New Delhi: The Union Minister for Law and Justice and Information Technology, Ravi Shankar Prasad, on Saturday regretted that the International arbitration system was ad hoc and unpredictable. The minister was addressing the inaugural conference on International Arbitration in BRICS.

The union minister stated that developing countries never got enough representation in the arbitration process. “I am proud of my judiciary. It has given some of the best judges. But why do they not get adequate representation in international arbitration,” stated Prasad.

Also Read: Riskier firms should have more access to CPs: Raghuram Rajan

Need to revisit bilateral investment treaties, says Prasad:

  • The minister, while addressing conference at BRICS, said that India has had a mixed experience with bilateral investment treaties.
  • The Minister suggested the need to revisit the system of bilateral investment treaties.
  • “Experience has shown that the interpretations of the treaties were done in an ambiguous manner,” said Ravi Shankar Prasad.
  • He stated, “There are several other countries also that have issues with these treaties. So, if so many countries have such worries, then there is something wrong with the system.”

Ajay Tyagi also addressed the conference:

  • Ajay Tyagi, additional secretary in the department of economic affairs, was also present at the BRICS meet along with Union Finance Minister Arun Jaitley.
  • Tyagi too expressed his concern about the issue of the under-representation of developing countries in the international arbitration process.
  • “There is a feeling that there is a lack of understanding about the developing countries’ issues,” stated the additional secretary.

You may also read: China warns India of serious consequences for deporting scribes

Arnima Dwivedi

Arnima Dwivedi

A journalist, presently working as a sub-editor with newstrack.com. I love exploring new genres of humans and humanity.

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