The Association of Lawyers of Russia proposes to set up a commercial court of BRICS states (Brazil, Russia, India, China and South Africa), which could take legally binding decisions, particularly for protecting investments, Russia's TASS news agency reported Chairman of the Board of the Association Vladimir Gruzdev as saying in an interview.
The Association of Lawyers of Russia is the organiser of the fourth BRICS Legal Forum due in Moscow on Nov 30 to Dec 1.
The forum is an open platform for cooperation and change of experience and ideas between lawyers of BRICS countries, promotion of ‘legal diplomacy’, alignment of professional communities, and exchange of legal theory and practice.
"It is necessary to set up a commercial court of BRICS states, which would take legally binding decisions for countries in case of disputable situations," Gruzdev said, adding that he means a commercial, not arbitrary tribunal.
According to Chairman, the level of the court may be defined by heads of BRICS members.
"The authority of setting up such a court lies with (participants - TASS) of BRICS summit as all national interests should be ensured and all national associations should join the process of its creation," he said.
Among the arguments for evidence that the initiative is relevant, Gruzdev mentioned a situation when an Indian company, in which Russia’s telecom operator MTS had invested hundreds of millions of dollars, was deprived of license due to law violations of previous owners.
"As a result, (MTS) received no compensation, while the issue was raised at the level of the intergovernmental commission, which admits this is a mistake," he said, adding that "since the national legislation of India prevailed, the creation of a commercial court of BRICS countries would be one of possible solutions."
Source: Malaysian Digest