To fulfil the need of India's and global disputes settlement in food and agriculture sector
IAAC is set to emerge as a trustworthy global institution with an expert panel comprising legal, financial, and agro-trade professionals at its core, Justice P. Sathasivam
NEW DELHI, 13 November 2023: Launching the world's first agro focussed dispute settlement body, International Agro Arbitration Centre (IAAC), promoted by the Indian Chamber of Food and Agriculture, Justice P. Sathasivam, Former Chief Justice of India and Former Governor of Kerala, said that IAAC is poised to revolutionize dispute resolution mechanism within the agricultural and food sector in India and worldwide.
Agriculture is an incredibly diverse sector. Post WTO food and agro trade has significantly grown to over $2 trillion and a large number of companies have gone global today with trade, technologies and businesses. While USA, Netherlands, Germany and Brazil occupy top positions in agro food exports, India is fast catching up, exporting agri products to more than 150 countries in the world, accounting for more than $55 billion and importing close to $25 billion. Such rapid growth in trade gives rise to many issues and trade disputes, which need to be promptly and cost-effectively addressed, said Justice P. Sathasivam.
Domestic agro sector is also huge and different businesses from inputs to output and services are rapidly expanding with innovation and new products and technologies. While the rising business and trade of agriculture comes with its own benefits, the disputes arising within the agro trade industry can hinder its efficiency in several ways. These disputes may crop up for a variety of reasons; contract disputes, nuisance claims, produce quality, patent and IPR infringements, payments and debt recovery, among others, Said Mr. Justice Anil R Dave, former Judge, Supreme Court, while highlighting the vacuum felt for long time of sector specific arbitration centre with domain expertise.
Bearing in mind the gravity of such issues, IAAC, a unique agro sector focused arbitration centre, has been incepted to provide a forum to address the challenges and mitigate the negative effects that disputes can have on productivity, relationships, costs, ultimately promoting a more productive and efficient agro trade and businesses globally, asserted Dr. MJ Khan, Chairman of IAAC and also the chairman of parent body, ICFA.
Recognizing the critical need for dedicated dispute resolution in the fields of agriculture and food, IAAC is set to emerge as a trustworthy global institution with an expert panel comprising legal, financial, and agro-trade professionals at its core. The International Agro Arbitration Centre is an India based leading institution that provides alternative dispute resolution services to the agro food industry worldwide, said Dr. Ashok Dalwai, Chairman, PM Task Force of Doubling Farmers Income.
The IAAC shall offer arbitration, mediation, and expert determination services to resolve disputes that may arise in the agro sector with the country or outside. IAAC promotes the peaceful resolution of disputes in the agro and food industry and trade through alternative dispute resolution mechanisms. The Centre seeks to provide cost-effective, efficient, and impartial dispute resolution services that enable parties to resolve their disputes quickly and effectively, said Mr. Siraj Chowdhary, Board Member, Tata Group and former Chairman, Cargill India Limited.
The Indian policy and judicial system also encourages commercial disputes to be resolved through the mediation process and arbitration, before approaching the Courts. IAAC's commitment extends to providing equal opportunities to parties across the globe, transcending geographical, linguistic, and financial boundaries, said Justice Sathasivam in his closing remarks.
The launch program was joined online by IAAC's global board members. Ms. Khairul Nessa, Executive Director, World Trade Centre and Vice Chair, WTC Global Agriculture Committee, Mr. Tarun Shridhar, Member, CAT and former Union Secretary, Dr. Abusaleh Shariff, Chairman, US-India Policy Institute, Mr. Harikshan Rankawat, President, Federation of Indian Industries, UAE and Dr. Vikas Chaturvedi, Chairman, Institute of Chartered Accountants of India, Amsterdam
