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15 May 2024

ABI is Pivotal for India's Strong Arbitration Foothold

In a significant development signaling India's commitment to fostering a conducive environment for dispute resolution, the inaugural ceremony of the Arbitration Bar of India (ABI) marked a pivotal moment in the country's legal landscape. The event, graced by esteemed dignitaries from the legal fraternity including the External Affairs Minister Dr. S. Jaishankar, Minister of Railways, Communications and Electronics and Information Technology Shri Ashwini Vaishnaw, Attorney General for India Mr. R Venkataramani, Solicitor General Mr. Tushar Mehta, and ABI President Mr. Gourab Banerji, underscores the growing recognition of arbitration's pertinence in shaping India's legal ecosystem.

Mr. Gourab Banerji, President of ABI set the tone for the event by expressing gratitude to all attendees and shedding light on ABI's transformative journey. Emphasizing ABI's commitment to promoting gender and regional diversity, Mr. Banerji announced plans to introduce chapters dedicated to women, thereby, fostering inclusivity within the arbitration landscape.

Among ABI's core objectives is the expansion of the pool of competent arbitrators, especially among the younger generation, to cater to the escalating demand for arbitration services. Furthermore, ABI aims to establish a robust network for knowledge exchange, standard setting, and policy advocacy to bolster India's stature in international arbitration forums.

Dr. S. Jaishankar, in his address, contextualized the significance of the event within the broader global narrative of power redistribution. He remarked, "In the last few decades, the global order has witnessed a re-balancing that is shaping its new directions." Dr. Jaishankar underscored India's growing economic prowess, poised to become the third-largest economy, emphasizing the imperative for high-quality arbitration to complement India's economic growth and global integration.

In a social media post, Dr. Jaishankar reiterated the government's commitment to promoting high-quality arbitration, affirming its importance in India's journey towards becoming a global economic powerhouse.

In his insightful remarks, Dr. S. Jaishankar elucidated on the evolving global dynamics and the imperative for harmonization, mediation, and dispute resolution in the journey towards a developed India, Viksit Bharat. He emphasized the pivotal role of arbitration in this trajectory, highlighting its significance in positioning India as a prominent arbitration venue. Drawing an analogy to a Greek triangle comprising law, business, and diplomacy, Dr. Jaishankar underscored the interconnectedness of these domains in shaping India's role on the global stage. His astute observations underscored the multifaceted nature of arbitration, transcending legal boundaries to encompass broader diplomatic and economic considerations, thereby reinforcing its centrality in India's journey toward progress and prosperity.

PrivateCourt lauds the government's foresight in recognizing arbitration as a cornerstone of economic development. As an organization committed to promoting fair and transparent dispute resolution, PrivateCourt acknowledges the pivotal role of high-quality arbitration in fostering investor confidence and bolstering economic growth. Through collaboration and innovation, PrivateCourt endeavors to contribute towards building a vibrant and inclusive arbitration ecosystem that fosters trust and confidence among stakeholders.

The inaugural ceremony of the Arbitration Bar of India not only signifies a milestone in India's legal landscape but also reflects a collective commitment to fostering a culture of arbitration excellence. PrivateCourt extends its best wishes to ABI and reaffirms its dedication to advancing the cause of fair and efficient dispute resolution in India.

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