Foreign minister S. Jaishankar has said solving foreign trade disputes is vital to economic growth.
Jaishankar said arbitration, as a fundamental aspect of modern dispute resolution, was an efficient and equitable method of resolving disputes and also fosters economic growth.
He made the remarks while inaugurating the Arbitration Bar of India in New Delhi.
Addressing the gathering, Jaishankar called the event an extremely significant step in the emergence of India as an arbitration venue.
Noting that high-quality arbitration was necessary in attracting foreign direct investment, the foreign minister said it was becoming significant — especially amid rapid economic growth in the globalised context.
“One facet of that is the democratisation of institutions and activities," Jaishankar said. "As economic capabilities emerge or, in our case, re-emerge, it is natural that many of its accompanying dimensions also spread out much more in the world. In that sense, the event for which we have come is reflective of a larger redistribution of power, of influence and of capabilities in the world.”
The minister concluded that India was ready to make crucial decisions about its future on the foundation of a decade of transformation upon which "we are seeking to build a pathway for the next 25 years," he said.