KNOWLEDGE SESSIONS ON INDIAN LEGAL SERVICES SECTOR
MAKING INDIA A HUB FOR INTERNATIONAL COMMERCIAL ARBITRATION
May 16, 2018
The 4thGlobal Exhibition on Services: The India Opportunity(GES) was organized by the Department of Commerce (Ministry of Commerce and Industry), Confederation of Indian Industry, the Government of Maharashtra and the Services Export Promotion Council at the Bombay Exhibition Centre in Mumbai on May 15 – 18, 2018. GES is an annual flagship global event organised by the Department of Commerce dedicated to promote trade in services while facilitating interactions among stakeholders to enhance strategic cooperation and strengthen multilateral relationships. Through the 2018 edition, the Department of Commerce focused on services sector excellence in India and expanding our global footprint in services like Legal Services, identified by the Govt. of India as one of the 12 Champion Services Sectors.
The Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade and the Department of Commerce organized a Knowledge Session on the Indian Legal Services Sector on the second day of the event on the theme‘Making India a Hub for International Commercial Arbitration’. The Chief Guest and Keynote Speaker was Mr Sudhanshu Pandey, Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India. Prof. James J. Nedumpara, Head and Professor, CTIL, delivered the welcome address for the session. He introduced the speakers and provided an overview of CTIL while highlighting the need for making Indian arbitration institutions globally competitive.
The session was chaired by Mr Kaviraj Singh, Secretary General, Indian Bar National Association, who highlighted the issues plaguing the Indian judicial system, which has increased the need for regulated arbitration mechanisms in India. He also mentioned the need for comprehensive regulations on confidentiality and trade secrets in arbitration, currently missing in the Indian context.
Mr Ajay Thomas, Vice-Chair, ICC-India Arbitration Group (IAG), with his unique experience of working in international arbitration centers like the Singapore International Arbitration Centre, the London Centre for International Arbitration etc., provided a comprehensive overview on the merits of these institutions. Mr Thomas also spoke about the International Court of Arbitration (ICC) and highlighted its contribution to institutional arbitration. He argued that there is a change in the global reputation of India from being an anti-arbitration country to arbitration-friendly. Though, he was quick to highlight that efforts and political will is still required to usher in the ‘golden age of arbitration’ in India. Mr Thomas also highlighted the need for India to realistically define our goals in the context of arbitration, duly backed by support from the government and judiciary.
Mr. Rishab Gupta, Partner at ShardulAmarchandMangaldas, Mumbai, spoke about the need to recognise the difference between international and domestic arbitration. While India has a high rate of ad-hoc arbitrations, it is not attractive to foreign parties as a commercial arbitration hub. Mr. Gupta highlighted the need to build confidence among the foreign parties to choose India as a seat for commercial arbitration disputes. He suggested that this requires a neutral legal system, a dependable national arbitration law and a concrete track record in enforcing arbitral decisions.
Adv. RajkumarAdukia, Senior Partner, Adukia and Associates, Mumbai, highlighted the issue of pendency in Indiancourts and the importance of arbitration to address it. He spoke about the suggestions of the Srikrishna Commission on arbitration and stressed on the need for implementation of the same.
Ms. Neeti Sachdeva, Registrar and Secretary General, Mumbai Centre for International Arbitration (MCIA), provided an overview of the activities of MCIA. She stressed that MCIA was the first international arbitral institute established in India. While the MCIA is not a governmental body, it has received considerable support from the Government of Maharashtra, the Bombay High Court and the Supreme Court of India. She also spoke about the infrastructural capabilities of MCIA as well as the training programmesMCIA undertakes for arbitrators.
The Joint Secretary, Department of Commerce, Mr. Sudhanshu Pandey stated that the various perspectives provided by the speakers would be useful to the Government when deliberating on issues of institutional arbitration in India. Mr. Pandey highlighted the need for domestic reforms in arbitration, since without any domestic regulation, it will be difficult to guarantee the export potential of Indian arbitration institutions. He noted the need for specalisation in arbitration as well as reforms in domestic legal regulations and regulators, to promote arbitration. Mr. Pandey also emphasized on global engagement and the massive potential of the Indian services sector compared to the rest of the world.
The discussion session concluded with a vibrant question and answer session with the audience and the vote of thanks by Mr. SatwikShekhar, Consultant (Legal), Centre for Trade and Investment Law.