NEW DELHI, Aug 27:

Finance Minister Arun Jaitleytoday made out a strong case forBRICS nations developing theirown arbitration mechanism to cutreliance on redressal centres indeveloped nations whose awardsat times tend to be loaded againstdeveloping countries.

Speaking at a conference on'International arbitration inBRICS', he said faster growth willreturn to emerging economiesonce the world emerges out of the

current slowdown and the disputeresolution mechanism should benow perfect as trade betweencountries grows.

"Many countries fear, and havebeen suggesting, that the awardsemerging out of these arbitrationare at times loaded against theemerging economies. Therefore,need has been felt to develop par-allel arbitration centres across theworld. Let alone London, let aloneParis, now we see Singaporeemerging as an emerging arbitralcentre," Jaitley said.

"Therefore, for BRICSnations to resolve trading dis-putes which may arise out ofBRICS nations, it is extremelyimportant that we have to devel-op a mechanism."

Jaitley suggested that theBRICS countries should set up atask force comprising officialsand experts to discuss and then setup an appropriate mechanismwhere these nations can have arbi-tral centres of their own.

"And hopefully, if we areable to evolve and develop thatcapacity, eventually those cen-tres will also become centres ofgreat international acceptabilityeven with regard to the non-BRICS nations as far as arbitralabilities are concerned," he said.

Talking about rationalebehind companies going forinternational arbitration, he saidthey fear an institutional biasand hence look for a neutralforum for applicability of law.

"The experience over theyears has been that some centres

did monopolise a bulk of inter-national arbitrations, they devel-oped capacities, they createdarbitrators of stature, they creat-ed a set of international lawyerswho could practise from onejurisdiction to other. Therefore,those jurisdiction tended to havea big share in international arbi-tration," he said.

The emerging economies ofBrazil, Russia, India, China andSouth Africa mostly follow theUNCITRAL model law on inter-national commercial arbitration.

According to Jaitley, it isessential that the dispute resolutionmechanism is absolutely fair,detached from local commitments,to ensure free and fair trade.

"As the world slowly emergesfrom the current economic crisis,trade which has shrunk will comeback in a bigger way. Growth willreturn to the world and fastergrowth will return to emergingeconomies. Therefore inter-setrade and trade related issues willnecessarily involve the dispute

resolution mechanism which weneed to now perfect, and we needto prepare ourselves for that," thefinance minister added.

He laid a premium on credi-bility of arbitrators to developthis mechanism.

Jaitley further said the chal-lenges posed by economic slow-down continue to haunt theglobal economy and the emerg-ing economies, pre-dominantlythe BRICS ones, will have toshoulder the responsibility ofdriving global growth.

The BRICS nations will haveto evolve and put forth a commonagenda for growth and the key isto develop local capabilities todeal with the challenges that lieahead, he suggested.

Law Secretary SureshChandra spoke about the needfor regional cooperation on arbi-tration. A positive debate on set-ting up a common frameworkfor arbitration among BRICSnations will help bring downcost of arbitration and developtrust among investors and juris-dictions, he said. (PTI)

CHENNAI, Aug 27:

In its quest to build its firstResuable Launch Vehicle (RLV)and to bring down the launchcost significantly, the IndianSpace Research Organisation(ISRO) is all set to conduct theair-breathing propulsion experi-ment using its RH-560 rocketfitted with a supersonic combus-tion ramjet (Scramjet) enginefrom the spaceport ofSriharikota, tomorrow.

ISRO sources said thelaunch of aircraft-shaped RH-560 sounding rocket to test thescramjet (air breathing) engine,to be used during the atmospher-ic phase of the rocket's flight,would take place at 0600 hrstomorrow.

The scramjet engine willhelp in bringing down thelaunch cost by reducing heamount of oxidiser to be carriedalong with the fuel.

This test was to have beendone on July 28, but the searchby the Indian Air Force and theNavy for the IAF's transport air-craft AN-32, which went miss-ing over the Bay of Bengal onJuly 22, has delayed it by amonth.

The Vikram Sarabhai SpaceCentre (VSSC),

Thiruvananthapuram, has devel-oped the engines to be used in theRH-560 rocket.

The scramjet engine waspart of the ISRO'S plans to buildIndia's first reusable launchvehicle (RLV) by 2030.

During the test, the enginewould be fitted on a two-stageRH-560 sounding rocket andlaunched to an altitude of about70 km using conventionalengines.

There, the first stage willbreak off and fall into the Bay ofBengal. The second stagewill coast horizontally for a bit,travelling at over six-times thespeed of sound. This is when thescramjet engine will fire forfive seconds.

RH-560 signifies two things--RH means its a Rohini-classsounding rocket and 560 is itsdiameter in millimetres. Its modi-fied second stage, to which thescramjet engine was beingaffixed, was called the AdvancedTechnology Vehicle (ATV).

According to ISRO, it is ascaled-down prototype of theRLV that will eventually fly onmissions about 14 years fromnow.

To be more economical thanISRO's existing launch vehicles,the RLV should be able to carry

payloads weighing 10,000-20,000 kg to the low earth orbit.

Tomorrow's testing was thesecond in the series of experi-ments, the Indian Space Agencywould be conducting en route todeveloping the first RLV.

On May 23, ISRO successful-ly flight tested India's first wingedbody aerospace vehicle operatingin hypersonic flight regime.

In this experimental mission,the HS9 solid rocket boostercarrying RLV-TD lifted offfrom the First Launch Pad atSatish Dhawan Space Centre,Sriharikota at 0700 hrs.

After a successful flight of91.1 secs, HS9 burn outoccurred, following which bothHS9 and RLV-TD mounted onits top coasted to a height ofabout 56 km. At that height,RLV-TD separated from HS9booster and further ascended toa height of about 65km.

From that peak altitude of 65km, RLV-TD began its descentfollowed by atmospheric re-entry at around Mach 5 (fivetimes the speed of sound).

The vehicle's Navigation,Guidance and Control systemaccurately steered the vehicleduring this phase for safedescent.

After successfully survivinghigh temperatures of re-entrywith the help of its ThermalProtection System (TPS), RLV-TD successfully glided down tothe defined landing spot overBay of Bengal, at a distance ofabout 450 km from Sriharikota,thereby fulfilling its missionobjectives.

The vehicle was successfullytracked during its flight fromground stations at Sriharikotaand a shipborne terminal.

The total flight durationfrom launch to landing of thismission of the delta wingedRLV-TD, lasted for about 770seconds. (PTI)

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Jaitley pitches for BRICS arbitration platform India pivotal power, can tilt Asia the way it wants: Akbar

BHOPAL, Aug 27:

Describing India as "pivotal power of Asia", Minister of Statefor External Affairs M J Akbar today said the country has thepotential to "tilt" the continent the way it wanted.

"I consider our country as Asia's pivotal power. Pivotal powermeans that we are the power which has the potential to tilt this con-tinent the way it wants. No country or the world will be able tooverlook our potential," he said.

The journalist-turned-politician was delivering a lecture on'India's rising power in Asia and the challenges', organised byJammu and Kashmir Study Centre, Madhya Pradesh, here.

Pointing to a map of the world, Akbar said if a line was drawnin the middle, it can be seen that the countries on the east werenursing the ambition of economic prosperity, while those in thewest were reeling under a "hot wave of terrorism".

India's role is very important in stopping this wave of terrorism,which will be in the interest of the world, he said.

War can not be a solution to any problem and it is a fact thatwhoever started the war has never won it, he said.

Lauding Prime Minister Narendra Modi for his call for 'LookEast', Akbar said such a policy was needed because India had torise economically with the east Asian countries.

The major challenge before the country was elimination ofpoverty, Akbar said and recalled Modi's statement that the era ofpoverty alleviation was now over and that of poverty eliminationhas begun after 70 years (of Independence).(PTI)

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