India should aim to be international arbitration centre: Moily
India should strive to be a preferred destination for international arbitrations, Union Law Minister M Veerappa Moily said on Sunday.india Updated: Jul 25, 2010 22:43 IST
India should strive to be a preferred destination for international arbitrations, Union Law Minister M Veerappa Moily said on Sunday.
"India is not a preferred destination for international arbitrations and even our domestic arbitration has a problem," he told reporters after chairing a regional meeting on implementation of 13th Finance Commission Recommendations in improving justice in Panaji.
"Our country should be most preferred destination for arbitration. In Delhi, we have excellent mediation centre. We also want to upgrade mediation centres in Ahmedabad, Mumbai and Bangalore so that they become centre of international arbitration," he added.
Moily said Goa's status as a tourist destination can help the state to be a preferred destination for a possible centre for international arbitration along with other cities in the country.
"Since Goa is a preferred destination for tourists, it can also be an international centre for arbitration. We would like to support effort of Goa Chief Minister to make the state a preferred destination for international mediations," he said.
Moily said Goa, which has 28,000 pending cases, can be the first state in the country to become arrear free.