Today, On 15th September, Justice Surya Kant emphasized that the Permanent Court of Arbitration remains essential for promoting unity, trust, and fairness in resolving disputes, even amidst global divisions. His remarks were made during the closing ceremony of the two-day Conference on International Arbitration and the Rule of Law, held at the Supreme Court. The event celebrated both the 75th anniversary of the Supreme Court of India and the 125th anniversary of the Permanent Court of Arbitration.
New Delhi: The closing ceremony of the two-day Conference on International Arbitration and the Rule of Law set to begin at the Supreme Court. The event celebrated both the 75th anniversary of the Supreme Court of India and the 125th anniversary of the Permanent Court of Arbitration.
The distinguished panel on stage features Justice Surya Kant , Solicitor General of India Tushar Mehta, Senior Advocate Gourab Banerji, Dammu Ravi (Secretary, Ministry of External Affairs), and Dr. Tulio Di Giacomo, Senior Legal Counsel and PCA Representative in Singapore.
Justice Surya Kant emphasized that the Permanent Court of Arbitration, despite global divisions, remains crucial for unity and common ground, fostering trust, dialogue, and fairness in resolving disputes over its century-long history.
Justice Surya Kant emphasized,
“The Permanent Court of Arbitration stands as a beacon of hope, transforming potential crises into opportunities for thoughtful dialogue and resolution. India’s affiliation with this court highlights our commitment to these principles and our efforts to establish India as a leading center for international commercial arbitration.”
Justice Surya Kant also added,
“The PCA roster includes four Indian members, all of whom are retired Supreme Court and High Court judges. According to the PCA’s 2023 annual report, the organization handled 246 cases, including 7 interstate arbitrations, 2 other interstate proceedings, 122 investor-state arbitrations under bilateral or multilateral treaties, and 110 contract-related arbitrations involving states, intergovernmental organizations, or other state entities.”
Dr. Túlio Di Giacomo Toledo, Senior Legal Counsel, emphasized the growing prominence of international arbitration, noting,
“It is rapidly gaining mainstream recognition.”
His remarks reflected the sentiments expressed throughout the two-day conference.
Senior Advocate Gourab Banerji acknowledged the limitations of the traditional method of resolving ISDS disputes through ad hoc arbitration.
He said, pointing out that arbitration experts and practitioners often engage among themselves, leaving out the most important stakeholder the disputing party.
“We all recognize this now,”
MEA Secretary Dammu Ravi emphasized India’s unstoppable rise, noting the country’s trajectory toward becoming a trillion-dollar economy soon, with a target of five trillion dollars in the near future and ten trillion dollars not long after.
While achieving a 30 trillion-dollar economy by 2047 might seem ambitious, it is in line with the Prime Minister’s vision for “Amritkaal.” Ravi highlighted the importance of mediation and arbitration in managing disputes as the economy grows, stating that “adherence to rules and building expertise through discipline, patience, and collective effort” is key to creating a robust arbitration ecosystem that will inspire confidence among entrepreneurs and investors.
Solicitor General Tushar Mehta highlighted India’s appeal as a top choice for arbitration, citing minimal scrutiny at the reference stage as a factor that speeds up the arbitrator’s appointment and enhances efficiency.
SG Tushar Mehta stated,
“One advantage is the efficiency. The arbitration process includes several provisions mandating timely resolutions. These provisions are designed to ensure that disputes are resolved quickly.”
He explained that recent rulings recognize the motivations behind opting for arbitration, adding,
“The arbitration process is designed with provisions that mandate timely resolutions to ensure disputes are settled quickly.”
Referring to Section 12 of the Arbitration Act, Mehta stressed the importance of arbitrators committing sufficient time to complete proceedings, reaffirming the commitment to strict adherence to these provisions.