Russia and India develop cooperation in international commercial arbitration
 

The Bar Association of India (BAI) has facilitated entering into a cooperation agreement between "International Commercial Arbitration Court (ICAC) at the Chamber of Commerce and Industry of the Russian Federation and India International Arbitration Centre (IIAC)".  This agreement was signed on July 2, 2024.

On July 2, 2024 in Moscow, the International Commercial Arbitration Court (ICAC) at the Chamber of Commerce and Industry of the Russian Federation and India International Arbitration Centre (IIAC) signed a Cooperation Agreement.

In accordance with the Agreement, the contracting parties agreed to inform economic entities of their countries on the activities of ICAC and IIAC and encourage them to include in their contracts arbitration agreements in favor of these arbitration institutions, to exchange information on the legislation of their countries concerning international commercial arbitration and the activities of arbitration institutions.

The Agreement provides for cooperation between ICAC and IIAC in order to develop international commercial arbitration by making wider use of the capabilities of their organizations in this field, including modern technology and online arbitration. The parties also agreed to recommend to each other specialists for inclusion in the lists of arbitrators.

The Agreement was signed by ICAC Chairman Alexey Kostin and IIAC Chairman Hemant Gupta.

India International Arbitration Centre has been established by the India International Arbitration Centre Act, a statute promulgated by the Parliament of India. IIAC has been declared as an institution of national importance. The Chairman is a former Judge of the Supreme Court of India.

The Ministry of External Affairs is also following up this year's BRICS Legal Forum in Moscow in September in which the Bar Association of India has been designated as nodal  agency/department/organization from India by the MEA. It is expected that BRICS and Emerging Economies Arbitration Network Rules will be launched in this Forum. Notably, this initiative was also piloted by the Bar Association of India.