China has proposed a free-trade bloc among the five BRICS countries in a bid to enhance economic ties within the decade-old grouping, as its geopolitical rivalry heats up with the United States.
Kluwer Arbitration Blog
While India has been reshaping its arbitration laws and investment climate, the jury is still out on whether these measures will actually help create a more secure legal environment for investors.
Any intra-Brics framework will only be effective if awards rendered by such a body are enforceable without the added difficulty of getting entangled in domestic proceedings.
Developing countries, including India, should build capacity instead of playing the victim as the structure of international arbitration was heavily biased towards the developed countries, a top Finance Ministry official said.
International Investment Law (IIL) has always been a battleground of competing paradigms and imaginations of economic world order. Today, the old battles between North and South over the rules of global investment are considered history.
El Destape Web
The central banks of BRICS bloc bet on the New Development Bank, while the central countries put their money on TiSA: free trade in services.