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World


BRICS Legal Forum to create body for settlement of commercial disputes

Moscow, Dec 1 (UNI) The 4th International BRICS Legal Forum meeting in Russia may create an arbitration structure that would specialise in settlement of the commercial disputes within BRICS countries.
"So this is the way we are thinking, that at the BRICS Legal Forum, we can actually practically fill in the gaps and create new and more participatory regulative structures. Right now what we are looking at, is the countries will continue to have their individual arbitration centers, but when a BRICS dispute comes, it is a BRICS governing board and the common set of rules of arbitration, which will govern the dispute," Chairman of one of the legal forum's committees Prashant Kumar, told RIA Novosti.
Mr Kumar said the BRICS mechanism for arbitrating commercial disputes would be based on upholding the principle of neutrality, which should be ensured through an inclusive arbitration board.
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