MOSCOW (Sputnik) — The fourth International BRICS Legal Forum, ongoing in Russia, could create an arbitration structure that would specialize in settlement of the commercial disputes within this group of states, the chairman of one of the legal forum's committees told Sputnik on Thursday.
"So this is the way we are thinking, that at the BRICS Legal Forum we can actually practically fill in the gaps and create new and more participatory regulative structures… Right now what we are looking at, is the countries will continue to have their individual arbitration centers, but when a BRICS dispute comes, it is a BRICS governing board and the common set of rules of arbitration, which will govern the dispute," Prashant Kumar, who is also the president-elect of the Bar Association of India, said.
The Legal Forum of the BRICS states, namely Brazil, Russia, India, China and South Africa, started in Moscow on Thursday. The two-day event is being hosted by the Association of Lawyers of Russia, and attended by the Brazilian Bar Association, Bar Association of India, China Law Society, East China University of Political Science and Law, Law Society of South Africa and University of Cape Town.
The discussions at the forum are dedicated to various issues, including the compatibility of legal and judicial systems of the participating countries. These talks also center around the possibility of unifying these processes with the goal of eliminating future barriers for effective international cooperation within the association.