JAITLEY 2 LAST

The emerging economies of Brazil, Russia, India, China The emerging economies of Brazil, Russia, India, Chinaand South Africa mostly follow the UNCITRAL model law oninternational commercial arbitration. According to Jaitley, it is essential that the disputeresolution mechanism is absolutely fair, detached from localcommitments, to ensure free and fair trade. "As the world slowly emerges from the current economiccrisis, trade which has shrunk will come back in a biggerway. Growth will return to the world and faster growth willreturn to emerging economies. Therefore inter-se trade andtrade related issues will necessarily involve the disputeresolution mechanism which we need to now perfect, and we needto prepare ourselves for that," the finance minister added. He laid a premium on credibility of arbitrators todevelop this mechanism. Jaitley further said the challenges posed by economicslowdown continue to haunt the global economy and the emergingeconomies, pre-dominantly the BRICS ones, will have toshoulder the responsibility of driving global growth. The BRICS nations will have to evolve and put forth acommon agenda for growth and the key is to develop localcapabilities to deal with the challenges that lie ahead, hesuggested. Law Secretary Suresh Chandra spoke about the need forregional cooperation on arbitration. A positive debate onsetting up a common framework for arbitration among BRICSnations will help bring down cost of arbitration and developtrust among investors and jurisdictions, he said. PTI JD DPARD