The expansion of investment cooperation within BRICS could be driven by harmonising legal systems and establishing uniform arbitration procedures. This proposal was put forward by Igor Krasnov, Chief Legal Officer and Head of Legal Affairs, VEB.RF Group, at the 9th BRICS Legal Forum. According to Igor Krasnov, speaking to the session “Law of the BRICS financial and investment markets” at the forum, unified approaches to legal regulation are needed in order to ensure that mutual investment continues to grow within BRICS. “Otherwise, the prospect of continued investment growth is limited. Harmonising legal systems is what lawyers do, and I am confident that we will be able to find a common solution. … We need to unify arbitration at BRICS level. In addition, it is necessary to work on the mutual recognition of arbitration awards at the level of BRICS member states,” he said. “The demand for expanded cooperation within BRICS, both in supporting export contracts and in expanding mutual investment, is high. Our customers, exporters of Russian goods and services, are focused on the new markets of the BRICS members. We also receive an increasingly large number of requests for non-financial support.” VEB.RF is ready to take part in promoting dialogue and designing practical measures to optimise national legislation within BRICS, according to Igor Krasnov.
“Rather than merge legal systems into common wording, work on harmonising them means removing the rules that prevent cooperation. This is the most important aspect of multipolarity: freedom of cooperation without regard to third parties,” said Aleksey Matsuev, Chief Managing Director and Deputy Head of Legal Affairs, VEB.RF Group.
“VEB.RF is a member of the BRICS Inter-Bank Cooperation Mechanism and the BRICS Business Council, VEB.RF Chairman Igor Shuvalov has a seat on the BRICS Business Council. Both platforms can be used to promote initiatives to strengthen economic ties among the BRICS countries, including initiatives to unify arbitration within BRICS,” said Mikhail Dyomin, Chief Managing Director, International Projects and Foreign Representative Offices, VEB.RF, who moderated the session. Experts see both the great potential of Russian arbitration and prospects for modifications to national legislation within BRICS in general. According to Vladimir Kanashevsky, Doctor of Law, Professor of Private International Law at Kutafin Moscow State Law University (MSAL), Russia has the relevant expertise and a pool of highly qualified individuals. “What we need, for example, is to convince our BRICS colleagues to have disputes submitted to arbitration in Russia. I do not see any problems with that. We could also help to set up cross-border mechanisms, as well as analysing and revising mutual investment protection and promotion agreements,” said Vladimir Kanashevsky.
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