Indian Council Of Arbitration and Vienna International Arbitral Centre Forge Strategic Partnership With MOU Signing
LIVELAW NEWS NETWORK
13 Sep 2023 2:13 PM GMT
The Indian Council of Arbitration (ICA) in New Delhi, India, and the Vienna International Arbitral Centre (VIAC) of the Austrian Federal Economic Chamber entered into a Memorandum of Understanding (MOU) through a virtual meeting, showcasing the use of modern technology in the field of arbitration. The signing ceremony was graced by the presence of Dr. Nikolaus Pitkowitz, President of VIAC, Mr. N G Khaitan, President of ICA, Mr. Arun Chawla, Director General of ICA, and Niamh Leinwather, Secretary General of VIAC.
This MOU represents a strong display of solidarity between two leading international arbitral institutions, dedicated to promoting and facilitating the utilization of arbitration in resolving cross-border commercial disputes spanning various sectors. The MOU encompasses an agreement to promote international arbitration and jointly explore the possibility of organizing conferences, workshops, seminars, training programs, and other related events.
Mr. Arun Chawla, Director General of ICA, expressed his enthusiasm by stating, "ICA is delighted to collaborate with SIMC, acknowledged as one of the world's foremost arbitration centres. This partnership marks a significant stride toward enhancing arbitration practices in both India and Vienna. By synergizing the rich expertise and diverse cultural perspectives of both jurisdictions, it is poised to establish a global benchmark for resolving disputes, making arbitration the preferred mode of dispute resolution. This collaboration between two of the most prominent arbitral bodies will bolster investor confidence and ensure prompt, equitable solutions for sustainable commercial growth."