Published August 2016
On 24th August 2016, Sunita Singh-Dalal, Partner at AC&H, led a delegation of officials from the Dubai International Financial Centre (DIFC) to New Delhi, India.
Sunita chaired a panel showcasing the DIFC, the DIFC Courts & DIFC-LCIA Arbitration Centre at the Indian Corporate Counsel Association (ICCA) 6th Commemorative “Globalisation of Legal Services” Conference at the Taj Mahal Hotel, New Delhi.
The panel showcased the advantages and benefits of using Dubai as an international trade hub for cross border trade, especially for India. Sunita also highlighted many new measures recently taken by the Leadership of Dubai to promote inbound investment and to protect the ownership of assets of foreign investors in Dubai. Sunita highlighted the fact that trade relations between India and the Emirate of Dubai are historic and deep rooted, with Dubai often referred to as India’s 5th City. The value of trade between India and the UAE exceeded USD 59 billion in 2014–2015 placing India as the second largest trading partner of Dubai. The value of India’s exports to the UAE is circa USD 33.3 billion and UAE’s exports to India circa USD 26 billion.
The Conference was attended by more than 120 of India’s top corporate General Counsels & Country Heads, who in total represented more than 70% of India’s economy.
Meetings were also held with The International Arbitration Centre, the Delhi High Court Bar Association, Senior Justice Mr Siddarth Mridul, and the Hon Minister for Law & Justice for India and some of the leading commercial law firms of India.
The main focus of the meetings was to discuss a potential Memorandum of Guidance (MOG) between the DIFC Courts and the Courts of India, which in itself would enhance and encourage better bilateral trade relations and investor confidence between Dubai and India.
AC&H hopes that this will be the start of many more such bilateral events and that with their support, a MOG between the DIFC Courts and the Indian Commercial Courts will indeed be finalised and executed.
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