External Affairs Minister S Jaishankar said on Saturday that in the last few decades, the global order has witnessed a “re-balancing” that is shaping its new directions. Jaishankar also said the requirement to harmonise, mediate and settle differences and disputes will be even more “as we progress on that journey towards Viksit Bharat”.

This is a “very significant step” in the emergence of India as an arbitration venue, he said while addressing a gathering in New Delhi at the launch of the Arbitration Bar of India.

“I know that all of you appreciate its significance more than I do. But let me, as a foreign minister, today really place it in a larger context and a context that I will borrow again from the AG’s (attorney general’s) reference to a triangle, a Greek triangle. The triangle I use here is really one of law, business and diplomacy,” the EAM said. “In the last few decades, the global order has witnessed a re-balancing that is shaping its new directions.”

“One facet of that is the democratisation of institutions and activities. As economic capabilities emerge or, in our case, re-emerge,“ it is natural that many of its accompanying dimensions also spread out much more in the world. In that sense, the event for which we have come is reflective of a larger redistribution of power, of influence and of capabilities in the world,” he added.

Obviously, this does not happen by itself and it requires both the vision of a leadership as well as the commitment of the stakeholders to make it happen. And that is actually what is being witnessed in the country today, Jaishankar further said.

Shared some photographs of the event on X, tyhe EAM said, “Glad to participate at the launch of the Arbitration Bar of India. ‘Arbitrate in India!’ should be a natural accompaniment of @makeinindia as our economy grows and the nation globalises. The Modi government recognises the importance of high quality arbitration as it improves ease of doing business. #TeamMEA is doing its part.”