IAMC Hyderabad Signs MOU With The Russian Arbitration Center In Dubai
LIVELAW NEWS NETWORK
21 Nov 2023 7:05 PM GMT
The Russian Arbitration Center (RAC) and International Arbitration & Mediation Center in Hyderabad (IAMC) signed a Memorandum of Understanding (MoU) during the Dubai Arbitration Week.
The MoU signed by Yulia Mullina, Director of the RAC, and Tariq Khan, Registrar of IAMC, Hyderabad states that both parties will cooperate to promote international arbitration in Russia and India, including by organising joint conferences, seminars, workshops, training programmes or other events on international arbitration. IAMC and RAC both strive to ensure that Russian and Indian businesses have a professional alternative forum to settle and resolve their disputes.
It is a first cooperation agreement between a Russian and an Indian arbitral institutions. The RAC and IAMC assume that the Memorandum may become a first step towards creating a network of regional arbitration centres on the basis of mutual benefit and support.
Russian Arbitration Center at the Russian Institute of Modern Arbitration is one of the leading arbitral institutions in Russia, which administers arbitration proceedings involving parties and arbitrators from all around the globe. RAC is a subdivision of the Russian Institute of Modern Arbitration, whose activities are aimed at developing and popularising arbitration in Russia, as well as increasing the attractiveness of Russian jurisdiction as a place of doing business and a place for resolving civil disputes.
The International Arbitration and Mediation Centre (IAMC), Hyderabad is a first-of-its-kind, arbitration and mediation centre in India. IAMC is an independent, not-for-profit public charitable trust that provides arbitration, mediation and related dispute resolution services, across India and internationally.
IAMC is guided by an autonomous Governing Council consisting of legal luminaries, industry veterans and experts in the field of arbitration and mediation from India and abroad. A highly eminent board of Trustees comprising of senior Judges and the Law Minister of Telangana who oversee the functioning of the Centre at a policy level.