The SAARC countries can collectively work towards making the region a hub for international commercial arbitration, an Indian official said here on Saturday.
Speaking at a seminar organized by Federation of Indian Chambers of Commerce and Industry (FICCI) in association with Indian Council of Arbitration (ICA) and SAARC Arbitration Council (SARCO), Suresh Chandra, joint secretary, law and justice, also noted that institutionalizing of arbitration in SAARC is the key instrument to make arbitration a success story.
He emphasized that stability, certainty and predictability of the arbitration system in this region can be introduced through adoption of best practices in the world.
L. Savithri, director at the SAARC secretariat in Kathmandu, said that as the SAARC region fast tracks movement towards South Asian Economic Union, free trade area in both goods and services will be the first building block.
Arbitration is the best dispute resolution mechanism for businesses of the SAARC region since majority of the countries are members of the New York Convention, 1958, and hence there is easy enforceability of awards, said ICA advisor and FICCI's assistant secretary general Arun Chawla.
