Justice Surya Kant sees establishment of PCA as major milestone towards India becoming international arbitration hub
India on way to becoming international arbitration hub: Justice Surya Kant
Supreme Court judge Justice Surya Kant has predicted India to become an international hub of arbitration soon, backed by robust infrastructure such as the establishment of the Arbitration Bar of India (ABI) and a branch of the Permanent Court of Arbitration (PCA).
Speaking at the valedictory ceremony of the ‘Conference on International Arbitration and the Rule of Law’, organised by the Supreme Court of India to observe its 75th year coinciding with the 125th anniversary of the Permanent Court of Arbitration (PCA), Justice Kant said arbitration was swiftly becoming a preferred mode of dispute resolution in the country.
Noting that India was among the first ten signatories to the New York Convention and one of only six Asian nations to sign the Geneva Convention, he welcomed the announcement made by the Government of India and PCA in May this year, to establish a PCA office at VK Krishna Menon Bhawan in New Delhi.
As per Justice Kant, the development was another testament to India’s growing reputation as a preferred destination for dispute resolution. He said these were significant steps in India’s journey towards becoming a hub for international arbitration.
The PCA, an intergovernmental arbitration organisation headquartered in Netherlands’ Hague, has been resolving international disputes involving different States or private parties since 1899.
Justice Kant said such collaboration was key to maintaining the integrity of arbitration, ensuring that it remained efficient, cost-effective, and accessible.
With PCA’s presence, India could expect a surge in international parties choosing the country as a seat for arbitration, drawn by the credibility and expertise of PCA, he said, adding that it would not only attract the attention of international parties preferring India as a seat for arbitration, but also help make the process more accessible to Indian businesses and individuals.
Highlighting the cost and logistical benefits of having a PCA office in India, he said this would allow the parties to access its services without incurring significant expenses.
The citizens would no longer have to navigate complex logistical hurdles and incur significant costs to access PCA’s services. They would be able to tap into PCA’s expertise and resources right here in India, he added.
PCA was expected to contribute to capacity building through training programs for arbitrators, counsel and other stakeholders, he said, adding that these initiatives would strengthen the domestic arbitration framework, enabling India to offer world-class arbitration services.
Justice Kant further said that arbitration was not a novel concept in India. The practice had deep historical roots, finding mention in the country’s ancient adjudication processes.