Connect with us

Featured

BRICS Nations Planning To Develop Single Arbitration Center

Published

on

BRICS nations are developing an interaction model for a single arbitration center for its members and other developing economies, executive secretary of the arbitration commission of the Association of Russian Lawyers Roman Gerakov told TASS on Tuesday.

“It is planned to create a BRICS+ single arbitration center, comprising representatives of all the nations,” Gerakov said. This initiative will be discussed by an international working group. Experts will present proposals from all the countries to develop a single arbitration standard, he added.

“This is a rather complex procedure, requiring consideration of interests and observation of public order of all countries, development of a single website, a common system and common rules or reservations referring to common rules, single recommended list of arbitrators, elements of collective governance and establishment of such centers,” the expert said.

The economic potential of Brazil, Russia, India and China (BRIC) is such that they could become among the four most dominant economies by the year 2050.

The thesis was proposed by Jim O’Neill, the global economist at Goldman Sachs. These countries encompass over 25% of the world’s land coverage and 40% of the world’s population and hold a combined GDP (PPP) of $20 trillion. On almost every scale, they would be the largest entity on the global stage.

Advertisement
Advertisement

Facebook

FEATURED

Maldives Maldives
Asia Pacific3 hours ago

Maldives Could Relinquish Control Of An Island As Chinese Loan & Pressure Mounts?

The Maldives government is now alarmed at the amount of debt it owes to China. With the coronavirus pandemic, the...

j20-vs-tejas j20-vs-tejas
Expert Reviews3 hours ago

Chinese J-20s Outgun Rafale Jets In Simulation Drills But What Will Happen In A Real-Life Air Battle?

China has been trying to intimidate India with its fifth-generation, stealth, J-20 fighter jets with the indigenously produced warplanes shooting...

World-Economic-Forum World-Economic-Forum
Featured4 hours ago

India-China Cyber War: China Second Most Powerful Cyber-Power & India Could Face The Chinese Brunt

As India and China are engaged in prolonged border tensions, India is boosting its capability to deal with cyber-attacks given...

china-detention-camps china-detention-camps
Asia Pacific4 hours ago

China Releases White Paper To Explain Its Commitment Towards Xinjiang & Uighur Muslims

Many Uighurs – around 1 million to 1.6 million, according to the World Uyghur Congress – have left China to...

INDIA-CHINA INDIA-CHINA
Asia Pacific6 hours ago

China Confirms PLA Soldiers Were Killed In Galwan Valley Clash; Claims India Suffered More

China has finally admitted that its soldiers indeed suffered casualties in the barbaric India-China border clash in Galwan Valley. The...

Trillion-Dollar-Infra Trillion-Dollar-Infra
Featured8 hours ago

Russian Mig-29 Jets Steal The Show In Donald Trump’s Fundraising Campaign For US Army

A fundraising campaign for U.S. President Donald Trump directed at gathering support for American soldiers actually displays Russian-made defence equipment...

CHINA-TAIWAN CHINA-TAIWAN
Asia Pacific10 hours ago

Is China Really Monitoring Prominent Indian Personalities Including PM Narendra Modi?

Chinese Embassy in India has outrightly rejected Indian claims that a Chinese firm has been monitoring over 10,000 Indian individuals...

China-Taiwan China-Taiwan
Americas10 hours ago

Taiwan Is “Quenching Its Thirst By Drinking Poison” – China On US-Taiwan Arms Deal

The visit by Keith Krach, an economic representative of the US, defies China's opposition to formal exchanges between the US...

russia-japan-tourism russia-japan-tourism
Featured21 hours ago

Poland Seeks The Arrest Of Russian Air Traffic Controllers For Crashing Their Plane

Poland is seeking to arrest Russian Air Traffic Controllers (ATC) for the 2010 crash at the Smolensk-Severny airport that killed...

CPEC-Project CPEC-Project
Featured22 hours ago

Did Indian Army’s “Muslim Regiment” Refuse To Fight Pakistan In 1965 War?

Social media platforms including Twitter and Facebook are buzzing with posts claiming that a “Muslim Regiment” of the Indian Army...

Advertisement