2016 | Septiembre 18
Recently, at the conference on ‘International Arbitration in BRICS’, Indian Finance Minister Arun Jaitley was unequivocal in pitching for a separate arbitration framework for the BRICS countries or the emerging economies. He was clear that India, like other developing economies, has been a victim of the inherent structural bias that prevails in the traditional frameworks of international arbitration.
Contrary to the perception, this stand of Jaitley’s is neither new nor isolated. In fact, it is even consistent with India’s stand since 2012, when the then Finance Minister of India indicated that India will renegotiate all its Bilateral Investment Treaties (BIT) from scratch. A new model BIT was approved by the Cabinet last year (2015) and it was indicated that it will be used to renegotiate all future BITs.