Fri, Apr 28, 2017 | updated 09:30 PM IST

Jaitley stresses on credible dispute resolution mechanism among BRICS

Updated: Aug 27, 2016 22:34 IST      
Jaitley stresses on credible dispute resolution mechanism among BRICS

New Delhi, Aug 27 (ANI): Union Finance Minister Arun Jaitley on Saturday called for a larger economic and trade cooperation, including goods and services, among the Brazil, Russia, India, China and South Africa (BRICS) member nations for achieving higher growth in the globally challenging environment.

While delivering the valedictory address at a conference on 'International Arbitration in BRICS: Challenges, Opportunities and Road ahead' in the national capital here, Jaitley said, "There is need for having a credible international dispute resolution mechanism among BRICS countries to resolve all trade-related issues among them and there should be effective system in place to quickly implement the arbitration awards."

He asked the BRICS nations to set-up a Task Force of experts and offices from BRICS nations to explore the possibilities for setting-up world class Arbitration Centres in these countries among others.

"In this task force, they can debate all the issues and areas of concern which were debated and deliberated in three technical sessions of the one day Conference, he added.

Earlier, speaking on the occasion, Shaktikanta Das, Secretary for Department of Economic Affairs, said despite globally economy facing various challenges, it is the emerging economies that are carrying the world's growth on their shoulders by performing much better than developed counties on the economic front.

He said the existing international arbitration regime while taking any decision should consider the social welfare and development policies of the developing and emerging economies and not only the private commercial requirements.

He pointed out that India in its Model Draft of Bilateral Investment treaty has a provision that international investors have to first exhaust the option of local judicial system at least for five years before going to international arbitration mechanism.

The one day Conference was jointly organized by the Department of Economic Affairs, Ministry of Finance, Government of India along with the Federation of Indian Chambers of Commerce & Industry (FICCI) and Indian Council of Arbitration (ICA). (ANI)

Congress accuses BJP of leaking Dhingra Commission report

Updated: Apr 28, 2017 21:28 IST     

New Delhi [India] Apr 28 (ANI): The Congress Party on Friday accused the Bharatiya Janata Party (BJP) of leaking the Dhingra Commission report and said that the saffron party is blinded by power and steeped in vendetta.

Full Story >>

BSF apprehends smuggler with four gold biscuits

Updated: Apr 28, 2017 21:15 IST     

Kolkata (West Bengal) [India], Apr 28 (ANI): The Border Security Force (BSF) on Friday apprehended a smuggler with four gold biscuits.

Full Story >>

Delhi: Police arrests three for gang-rape

Updated: Apr 28, 2017 21:06 IST     

New Delhi [India], Apr 28 (ANI): The Crime Branch of Delhi Police on Friday arrested three persons for allegedly raping and murdering a woman and her friend in Kanjhawala village.

Full Story >>

Tura (Meghalaya) [India], Apr 28 (ANI): The suspected militants of the Garo National Liberation Army (GNLA) allegedly fired at the coal truck moving through the National Highway - 62 at Dambuk village, near Rongara in South Garo Hills of Meghalaya.

Full Story >>

Anantnag (Jammu and Kashmir) [India], April 28 (ANI): The militant who was arrested on Friday after the security forces foiled a bank robbery bid in Jammu and Kashmir's Anantnag, asserted that the handler of the group threatened to kill if they didn't snatch the security personnel's rifles.

Full Story >>

Andhra: Eight bodies recovered after boat capsizes in stream

Updated: Apr 28, 2017 21:01 IST     

Anantapuram (Andhra Pradesh) [India], Apr 28 (ANI): As many as eight bodies were recovered on Friday after a boat capsized in Andhra Pradesh's Anantapuram district.

Full Story >>

Chandigarh (Haryana) [India], Apr 28 (ANI): Union Information and Broadcasting Minister M. Venkaiah Naidu on Friday said that the government has adopted a single window clearance approach so that the schemes under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) can take-off quickly and in a hassle-free manner.

Full Story >>

With eye on 2019, Amit Shah to visit five states

Updated: Apr 28, 2017 20:53 IST     

New Delhi [India] Apr 28 (ANI): Bharatiya Janata Party (BJP) President Amit Shah has already sounded the poll bugle for 2019 general election. He will be visiting five states as part of a Vistaar Yatra (Expansion Tour).

Full Story >>

New Delhi [India], Apr 28 (ANI): Veteran Indian batsman Gautam Gambhir was on Friday declared man of the match for Kolkata Knight Riders versus Delhi Daredevils.

Full Story >>

AAP needs to go beyond EVMs: Somnath Bharti

Updated: Apr 28, 2017 20:36 IST     

New Delhi [India] Apr 28 (ANI): Agreeing with Aam Aadmi Party (AAP) leader Kumar Vishwas's doubt over party convenor Arvind Kejriwal's ability to win elections, party MLA Somnath Bharti on Friday said the party needs to think beyond Electronic Voting Machines (EVMs), adding introspection is necessary for the party's upliftment.

Full Story >>

BSNL to provide broadband services to rural post offices

Updated: Apr 28, 2017 20:36 IST     

New Delhi [India], Apr 28 (ANI): Bharat Broadband Network Limited (BBNL), the Department of Posts and Bharat Sanchar Nigam Limited (BSNL) have signed a tripartite agreement for providing broadband connectivity of BharatNet to post offices in rural areas.

Full Story >>

Urban Housing Mission to be implemented in NCT Delhi

Updated: Apr 28, 2017 20:19 IST     

New Delhi [India], Apr 28 (ANI): Housing and Urban Poverty Alleviation Minister M.Venkaiah Naidu has approved the signing of a Memorandum of Agreement between his ministry, the Delhi Development Authority (DDA) and Delhi Urban Shelter Improvement Board (DUSIB) enabling implementation of the Urban Housing Mission in National Capital Territory (NCT) of Delhi.

Full Story >>

New Delhi [India], April 28 (ANI): Prime Minister Narendra Modi on Friday welcomed Cyprus President Nicos Anastasiades at the joint press conference asserting that the India has contributed personnel to the UN Peace Keeping Force in Cyprus.

Full Story >>

Army Chief assures Bhutan of continued support

Updated: Apr 28, 2017 19:17 IST     

Thimpu (Bhutan) [India], Apr 28 (ANI): Army Chief General Bipin Rawat, who is on a goodwill visit to Bhutan from April 27 to 30 today said that the Indian Army would continue with its special relationship with the Royal Bhutan Army (RBA) in terms of training assistance and support in capability building.

Full Story >>

New Delhi [India], April 28 (ANI): Pakistan's consistent denial of consular access to Kulbhushan Jadhav suggests him already being executed, said former union home secretary and Bharatiya Janata Party (BJP) leader R.K. Singh on Friday.

Full Story >>

Kerala organises first ever transgender athletic meet

Updated: Apr 28, 2017 19:14 IST     

Thiruvananthapuram (Kerala) [India], Apr 28 (ANI): Kerala on Friday organised the country's first transgender one-day athletic meet here in which 132 participants from 12 districts participated.

Full Story >>

Give jawans shoot at sight orders: Wife of Sukma martyr

Updated: Apr 28, 2017 19:06 IST     

Mandi (Himachal Pradesh) [India], Apr 28 (ANI): The wife of a Central Reserve Police Force (CRPF) jawan, who lost his life in a Naxal attack in Chhattisgarh's Sukma district, on Friday demanded that paramilitary personnel be given shoot at sight orders to tackle left wing extremism.

Full Story >>

New Delhi [India], Apr 28 (ANI): Union Home Minister Rajnath Singh on Friday reached 7, Lok Kalyan Marg to meet Prime Minister Narendra Modi to brief the latter on implementation of development package for Jammu and Kashmir.

Full Story >>

New Delhi [India] Apr 28 (ANI): Delhi Deputy Chief Minister Manish Sisodia on Friday said that the government following the footsteps of Uttar Pradesh has decided to cancel holidays on birth and death anniversaries of great icons.

Full Story >>

Gayatri Prajapati's bail stayed by Allahabad HC

Updated: Apr 28, 2017 18:18 IST     

Lucknow (Uttar Pradesh) [India], Apr 28 (ANI): The Lucknow bench of the Allahabad High Court on Friday stayed the bail given to former Uttar Pradesh minister Gayatri Prajapati in a rape case by a local court.

Full Story >>