India And Turkey Unite To Strengthen International Trade With Strategic ADR Partnership

LIVELAW NEWS NETWORK

14 Jun 2024 3:06 AM GMT

  • India And Turkey Unite To Strengthen International Trade With Strategic ADR Partnership

    In a significant move poised to transform international arbitration and mediation, India and Turkey have formed a strategic partnership to advance Alternative Dispute Resolution (ADR) efforts. This landmark collaboration, led by APCAM (Asia-Pacific Centre for Arbitration & Mediation) and TOBBUYUM (The Union of Chambers and Commodity Exchanges of Turkey Arbitration Center) through MOU, marks...

    In a significant move poised to transform international arbitration and mediation, India and Turkey have formed a strategic partnership to advance Alternative Dispute Resolution (ADR) efforts. This landmark collaboration, led by APCAM (Asia-Pacific Centre for Arbitration & Mediation) and TOBBUYUM (The Union of Chambers and Commodity Exchanges of Turkey Arbitration Center) through MOU, marks a major step in strengthening cross-border trade and fostering robust business ties between the two nations. The initiative is spearheaded by Sr. Adv. Anil Xavier, Chairman of APCAM, and Ms. Iram Majid, Executive Director of APCAM, from India, whose extensive expertise and dedication to ADR are expected to drive significant advancements in commercial relations and international dispute resolution practices.

    As part of this historic partnership, on 1st June' 2024, an event was hosted by TOBBUYUM in collaboration with the Ministry of Law and Justice, Turkey. Esteemed dignitaries from both countries attended the event, providing invaluable insights into the future of ADR.


    Justice Surya Kant, Judge, Supreme Court Of India highlighted the growing need for a streamlined ADR approach through dedicated ADR institutions. He emphasized that the complexities of international trade disputes necessitate specialized institutions that can provide efficient, effective, and timely resolution mechanisms.

    From India, the esteemed dignitaries included Justice Surya Kant, Judge, Supreme Court of India; Justice S.R. Bhat, Former Judge, Supreme Court of India; Sr. Adv. Anil Xavier, Chairman of APCAM; Ms. Iram Majid, Executive Director of APCAM; and Mr. Siddharth Sethi, Partner at JSA.


    Representing Turkey were Mr. Hakan Oztatar, General Director of Legal Affairs, Ministry of Justice, Turkey; Mr. Cagdas Ozer, Head of Mediation Department, Ministry of Justice, Turkey; Dr. Onur Yuksel, General Manager, TOBBUYUM; and Mr. Hakan Ali Turgut, Former Judge, Turkey, among others.

    The discussion highlighted the importance of ADR in today's global economy, showcasing best practices, addressing challenges, and exploring future opportunities in the field of arbitration and mediation. This exchange of ideas and experiences laid a strong foundation for future collaborations and knowledge-sharing initiatives between India and Turkey.


    India and Turkey share a long-standing historical relationship, with Turkey being one of the first European countries to establish diplomatic relations with independent India in 1947. This new partnership further solidifies the bond between the two nations, emphasizing mutual growth and cooperation. Bilateral trade between India and Turkey has seen remarkable growth, reaching a milestone of 14 billion US dollars in the fiscal year 2022-23. Additionally, Indian companies have invested approximately 126 million US dollars in Turkey, while Turkish investments in India stand at around 210 million US dollars, underscoring the robust economic ties and mutual trust between the two nations.

    The partnership between APCAM and TOBBUYUM aims to enhance cross-border trade by providing efficient and effective dispute resolution mechanisms, thereby facilitating smoother and more secure trade between India and Turkey. It is expected to strengthen business ties, encourage further investments and joint ventures, and promote the understanding and application of arbitration and mediation in both countries. Moreover, this initiative will foster legal cooperation, enabling the exchange of legal expertise and best practices, and contribute to the development of a more robust and coherent international legal framework.

    From India, Sr. Adv. Anil Xavier, Chairman of APCAM, emphasized, "This partnership is a testament to the growing importance of ADR in facilitating international trade and business. By collaborating with TOBBUYUM, we are paving the way for more effective dispute resolution mechanisms that will greatly benefit businesses in both India and Turkey."

    Ms. Iram Majid, Executive Director of APCAM, added, "We are thrilled to join hands with TOBBUYUM in this significant endeavor. This partnership not only strengthens our bilateral ties but also enhances our collective expertise in arbitration and mediation, setting new standards for international dispute resolution."

    This strategic partnership represents a visionary approach to international dispute resolution, reflecting the growing importance of ADR in global commerce. With the leadership of APCAM and TOBBUYUM, businesses in both countries can look forward to enhanced legal support, stronger trade relations, and a promising future of collaborative success.

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