The government is planning amendments to bring Indian system at par with the international UNCITRAL system, Verma was told.
The United Nations Commission on International Trade Law (UNCITRAL) was established by the United Nations General Assembly to promote the progressive harmonisation and unification of international trade law. Issues relating to the enforcement of contracts, and international arbitration awards also came up for discussion. The way the required mutual cooperation and required changes are being addressed also came up for discussion. Verma also expressed keenness on civil legal cooperation, training and exchange of expertise. The US side also raised the issue of intellectual property rights but it was agreed that Verma will take up the matter with the the Commerce Ministry through the MEA.
"It was a constructive meeting," Verma said but refused to comment any further. The meeting assumes significance as it comes days before Modi's visit to the U.S. from September 24. A report released by the World Bank and International Finance Corporation in 2013 had said it takes nearly four years on an average to resolve a commercial dispute in India, making it the world's third worst place in in this regard. In comparison, it takes just about five months to resolve a commercial dispute in Singapore, the world's best place to do business, as per a latest global report on ease of doing business.
The US International Trade Commission (USITC), a quasi judicial body that advises the U.S. President and U.S. Congress on trade matters, had last year launched an investigation into India's trade, investment and industrial policies.
It had sought permission to visit India to carry out the probe, but India had refused. USITC believes that India is not doing enough to allow innovation and is insisting on local procurement, which is adversely affecting American firms. Pharmaceuticals, solar power and aviation are some of the sectors that have been affected by these tensions.