International standardization of arbitration as an alternate dispute resolution forum and its acceptance in India

With trade and commerce increasing rapidly between nations, there has been a significant rise in disputes, leading to an urgent need for an effective and unified dispute resolution system which can sufficiently settle disagreements/issues among parties in dispute and which has to be arrived at keeping in mind the differences in laws of every nation, hence, immensely increasing the scope of private international law, or conflict of laws as called by different nations. Such urgency led to many conventions, one of most important being The New York Convention of 1958 (Convention on the Recognition and Enforcement of Foreign Arbitral Awards) and the UNCITRAL Model Law promulgated in 1985 and amended as recently as 2006 which has been the source for International Arbitration, the most widely used dispute resolution method for international commercial trade and transactions and many countries like India have also based their legislations on the rules of the UNCITRAL Model Law. Most European countries as well as India have ratified the New York Convention of 1958 (Convention on the Recognition and Enforcement of Foreign Arbitral Awards) for the purposes of International trade and commercial transactions therefore opening the gateway for international commercial transactions to take place among such convention countries easier. Further, the judiciary of concerned countries has also affirmed such ratification and the applicability of the Model Law laid down.