On international arbitration, the CJI said that it is a way of resolving disputes between parties involving a foreign element which is regulated by the terms agreed upon by the parties themselves.
Degree of autonomy available to the parties, uniformity of law, flexibility of procedure, lower cost, increased enforceability, confidentiality and benefit of having domain experts are the advantages of international arbitration, he said.
He also stressed on the need to balance the “the geography of international arbitration” as due to a severe lack of resources and infrastructure in the developing countries, the parties choose to resolve their disputes in these established resolution centres like Singapore, London, Paris or Stockholm at severe cost to them.
Therefore, there is a need to establish modern institutional arbitration centres with pre-established rules and framework to give parties much needed certainty and transparency, he underlined.
Source: Barandbench
