NITI Aayog and ICC International Court of Arbitration had recently organised a Workshop on Best Practices in International Arbitration

What is Important?
UPSC perspective:
Prelims:Features, functions
Mains:significance and challenges.
Non-UPSC perspective:Not Much
Why in News
This is a part of on-going efforts to institutionalise and streamline dispute resolution to make India a hub for doing business. Moving towards a New India in 2022, ensuring legal reform is a key and critical priority.

What is Arbitration?
*Arbitration is a settlement of dispute between two parties to a contract by a neutral third party
*Arbitrators can be chosen for their expertise. It is confidential and can be speedier and cheaper than court.
*There are limited grounds of appeal. Arbitral awards are binding and enforceable through courts.
*The process can be tailored to suit parties’ particular needs
Arbitration and Conciliation (Amendment) Bill, 2018:
*The Lok Sabha has passed the Arbitration and Conciliation (Amendment) Bill, 2018.
*It will amend the Arbitration and Conciliation Act, 1996. The Act contains provisions to deal with domestic and international arbitration, and defines the law for conducting conciliation proceedings.
The International Court of Arbitration 
*It is a branch of the International Chamber of Commerce (ICC) and one of the world’s leading institutions for providing international arbitration services.
* The ICC seat is located in Paris
* The International Court of Arbitration is known for resolving international commercial and business disputes, administering more than half of all arbitration disputes worldwide.
Way Forwerd
*Moving towards a New India in 2022, ensuring legal reform is a key and critical priority. *Complementing ‘Make in India’ vision with ‘Resolve in India’, strong alternate dispute resolution mechanisms are important levers in encouraging the Ease of Doing Business and Ease of Living in India.


NITI Aayog and ICC International Court of Arbitration had recently organised a Workshop on Best Practices in International Arbitration NITI Aayog and ICC International Court of Arbitration had recently organised a Workshop on Best Practices in International Arbitration Reviewed by The Hindu Current Affairs on October 12, 2018 Rating: 5

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