FM to inaugurate BRICS meet on arbitration

New Delhi: Finance Minister Arun Jaitley will inaugurate BRICS conference on arbitration on August 27 which will deliberate on ideas and insights regarding dispute resolution mechanism among the 5 emerging nations that form the group.

India has assumed the chairmanship of BRICS-2016 and a major political-cum-business engagement will be held in October this year. As a lead up this Summit, Indian has initiated a number of events within the spirit of the BRICS, one of which being the Conference on 'International Arbitration in BRICS: Challenges, Opportunities and Road ahead', the Finance Ministry said in a statement on Wednesday.

As of 2015, it said, the five nations - Brazil, Russia, India, China and South Africa (BRICS) -- have trading of $ 242 billion.

"It appears obvious that an efficient and effective measure for the resolution of any commercial or investment dispute by investors or trading entities between the BRICS

nations is imperative to encourage further economic activity and cooperation," it said.