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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.
The Legal Forum of the BRICS countries (Brazil, Russia, India, China and South Africa), started in Moscow on Thursday.
The two-day event is being hosted by the Association of Lawyers of Russia, and attended by the Brazilian Bar Association, Bar Association of India, China Law Society, East China University of Political Science and Law, Law Society of South Africa and the University of Cape Town.
The Forum is scheduled to discuss various issues, including the compatibility of legal and judicial systems of the participating countries. These talks also centre around the possibility of unifying these processes with the goal of eliminating future barriers for effective international cooperation within the BRICS.
UNI XC RJ SHK 1857
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