PROBLEMS OF IMPLEMENTATION OF LEADERSHIP IN DISPUTE RESOLUTION OF THE BRICS COUNTRIES (ON THE EXAMPLES OF THE RUSSIAN FEDERATION, CHINA, INDIA)
One of the highlights of recent decades was the creation of BRICS - an association of countries that vividly reflects the integration processes that occur in the world. Despite the geopolitical nature of the association, the agreements concluded affect many areas of public relations. The introduction of new methods of using means of production, the improvement of technology leads to the active development of the economy.
The increasing degree of complexity and even the sophistication of financial markets and commercial products along with the lessons taught by the 2008 financial crisis have led to the need to apply more sophisticated dispute resolution methods that arise in the course of cross-border banking and financial transactions.
The above-mentioned modernisation of commercial disputes resolution entails many problems of a legal nature, namely the need to specify internal rules for resolving disputes adopted by arbitration institutions in order to take into account the specificity of disputes arising among BRICS countries.
This article analyses and compares the legal regulation of court proceedings, as well as other alternative ways of resolving disputes in the Russian Federation, China and India. The findings of the study made it possible to identify the problems and prospects for the implementation of the task set in these countries to become leaders in the resolution of disputes.
The goal is achieved by solving a number of tasks:
- To investigate the peculiarities of the disputes resolution both in the framework of the judicial procedure and through the use of alternative methods in foreign jurisdictions in the BRICS countries (for example the Russian Federation, China, India);
- Analyse the problem of arbitrability of disputes in the BRICS countries;
- Pay attention to the problems of recognition and enforcement of foreign arbitral awards in the Russian Federation, China and India.
- Identify and analyse promising opportunities for the implementation of leadership in resolving disputes of the BRICS countries;
The results of the study are of both practical and scientific-theoretical importance. They can be useful in the course of further improving the legal acts of the BRICS member - states, which can be used for their future implementation in the national systems of member - states, in determining key objectives and tasks of a procedural nature, improving the functioning of judicial and extrajudicial organizations, law enforcement, research activities, as well as in teaching activities, in lectures and seminars on the courses of private international law, arbitration process, copyright and patent law.