In the ongoing revamp of its shipping sector, India has established its first maritime arbitration centre. The Ministry of Ports, Shipping and Waterways (MoPSW) with the India International Arbitration Centre (IIAC) to launch the new India International Maritime Dispute Resolution Centre (IIMDRC) in Mumbai.
This marks a major milestone in promoting India as a global destination for maritime dispute resolution, especially through arbitration and mediation. Currently, London, Singapore and Hong Kong dominate in the maritime dispute resolution market. While MoPSW said that IIMDRC is designed to handle global cases, it primarily seeks to align with the government’s “Resolve in India” initiative. Essentially, Indian maritime companies will be obligated to work with IIMDRC instead of other foreign centres.
“This is a monumental step in strengthening India’s dispute resolution infrastructure in the maritime sector,” said Retired Justice Hemant Gupta, the Chairperson of IIAC.
