Later, Finance Minister Arun Jaitley stressed on the need to develop parallel arbitration centres as far as BRICS nations are concerned. <br/><br/>Giving the valedictory address at the conference on International Arbitration in BRICS in New Delhi, the Minister said free trade prospers where there is fair trade. He said in order to resolve trading disputes related to BRICS nations, there is a need to develop arbitral mechanisms. <br/><br/>He said Brazil, Russia, India, China and South Africa will have to interact more frequently over this issue in the next few months.

Law Minister Ravi Shankar Prasad has said, ensuring growth with equity must be a priority for the BRICS nations. <br/>Inaugurating a Conference on International Arbitration in BRICS in New Delhi on Saturday, Mr Prasad said, there is a need to put in place a robust arbitration forum as disputes will rise with the growth in the business. <br/><br/>He said, India welcomes investments and the government is keen on expeditious dispute resolution system.<br/> <br/>The Minister said, Government wants India to become a centre of global arbitration. <br/><br/>He said, international arbitration must also appreciate the social constraints of investments in a country. <br/><br/>Mr Prasad expressed dissatisfaction that there are less number of arbitrators from BRICS countries despite having 42 per cent population of the world. <br/><br/>He said, India has given some of the best judges but they are not getting adequate representation in international arbitration.