The BRICS Group was born in the century XXI with renewed expectations of changes in the world order through greater participation of the Global South. However, what we have witnessed so far is the consolidation of a new/old unequal world order.
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.
Instead of relying only on a treaty-based approach, India should initiate domestic policy reforms to attract and protect foreign investments, argues Kavaljit Singh