New Delhi, Aug 24 (KNN) India has assumed the Chairmanship of BRICS for the year 2016 and a major political cum business engagement will be held in October 2016. A conference on “International Arbitration in BRICS: Challenges, Opportunities and Road ahead” is being held here on August 27, 2016.

The Conference is being organized by the Department of Economic Affairs, Ministry of Finance, Government of India with the support of the Federation of Indian Chambers of Commerce & Industry (FICCI) and Indian Council of Arbitration (ICA), Finance Ministry today said in a release.

The Union Minister of Finance and Corporate Affairs Arun Jaitley, will inaugurate the Conference and Ravi Shankar Prasad, Minister of Law & Justice, Electronics & Information Technology will deliver the Valedictory address.

As of 2015, the five BRICS nations have an inter trading of USD 242 billion. It appears obvious that an efficient and effective measure for the resolution of any commercial or investment dispute by investors or trading entities between the BRICS nations is imperative to encourage further economic activity and cooperation.

The Conference brings together national and international experts from BRICs countries in the field of international arbitration, with an aim to asses, evaluate and debate ideas and insights regarding dispute resolution mechanism and arbitration which are integral to economic growth and stability.

It will outline the necessary and latest developments in particular areas of arbitration in respective countries as on date, showcase related challenges and deliberate towards a stronger arbitration regime and culture in the BRICS countries.

The issues and areas of concern will be debated and deliberated in three technical sessions of the Conference, include - Arbitration and Dispute Resolution: Focus BRICS Countries; Dispute Settlement and Enforcement of Treaty Awards; and towards developing an International Arbitration Mechanism in BRICS.

The Finance Ministry said outcomes of this Conference could go a long way in better understanding an optimally utilizing the legal framework governing international arbitration involving BRICS member states. (With PIB Inputs)