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The article underscores the importance of collaboration between international and domestic arbitration bodies to ensure fair and accessible dispute resolution. Justice Surya Kant, a judge of the Supreme Court of India, highlighted the need for such cooperation at the valedictory function of a conference on international arbitration and the rule of law. The conference, held to celebrate the 75th anniversary of the Supreme Court and the 125th anniversary of the Permanent Court of Arbitration (PCA), served as a platform to discuss critical issues related to international arbitration.
Justice Kant emphasized that the growing preference for arbitration in global disputes, as evidenced by the PCA's 2023 annual report, makes collaboration between domestic and international bodies essential. He further pointed out that the establishment of the PCA India Office, launched virtually by Chief Justice of India DY Chandrachud, will not only attract international parties to choose India as the seat of arbitration but also contribute to building capacity through training programs. This, in turn, will enhance the skills of Indian arbitrators and other stakeholders, strengthening India's position as a prominent hub for international commercial arbitration.
The article also touches upon the need for reform in the Investor-State Dispute Settlement (ISDS) system. Dammu Ravi, Secretary of the Ministry of External Affairs, stressed the need for more development-oriented investments in developing countries like India. He highlighted the current focus of ISDS on profit rather than development and called for a shift towards investments that promote economic growth and well-being. Ravi emphasized the importance of responsible investments, discouraging treaty shopping and taking advantage of changes in law. He recognized the dynamic nature of investment law in developing countries and emphasized the need to balance investor rights with the obligation of these countries to deliver to their people.
The article concludes by highlighting the resurgence of international arbitration and the consensus among conference participants that no single institutional reform can solve all issues. Dr. Tulio Di Giacomo Toledo, Senior Legal Counsel and PCA Representative in Singapore, emphasized the need for a more inclusive ISDS mechanism. The article also remembers Fali Nariman, an eminent jurist in international arbitration who passed away earlier this year, recognizing his contributions to bridging the gap between the Supreme Court and the PCA. Senior Advocate Gourab Banerji highlighted Nariman's focus on the importance of considering the parties outside the arbitration hall and the need for courts to retain supervisory jurisdiction over arbitration to ensure compliance with the rule of law.