India has proposed setting up a task force of experts from BRICS nations to explore the possibility of creating an arbitration mechanism for expeditious resolution of cross-border commercial disputes.
As per the minutes of the BRICS Conference on International Arbitration, Finance Minister Arun Jaitley proposed to the BRICS nations to set-up a task force of experts and officers to explore the possibilities for an arbitration mechanism.
The report, posted on the website of the Finance Ministry, said it was recommended that a task force be constituted at the upcoming BRICS Summit on October 15-16 to identify challenges in international arbitration in these countries.
The said task force can examine and recommend institutional reforms in the arbitration area to enhance economic cooperation between member states and develop an alternative arbitration mechanism for dispute resolution, it said.
Jaitley also noted the strength of the economies of BRICS (Brazil, Russia, India, China and South Africa) countries which have been able to stave off many detrimental ramifications of the global economic meltdown post 2008.
“While admitting that some member states were suffering from some economic concerns, the same were termed as transient issues which will be resolved due to the robust nature of economies of the BRICS countries,” it said.
It was stressed that optimal balance between public welfare and commercial interests must be attained, in order to enhance the economic standing of the BRICS nations.