DIFC Courts strengthen India-UAE bilateral trade
The Dubai International Financial Centre (DIFC) has strengthened the UAE-India commerce by signing a Guidance note with Nishith Desai Associates, an Indian law firm, thereby enforcing civil and commercial judgments through DIFC Courts and the Courts of India.
The Guidance note with a law firm in India facilitates the strategy of taking steps to promote judicial convergence. The DIFC Courts, being an English common law International Court with over ten years track record in handling complex transactional disputes. It is at a position to provide detailed guidance to parties that seek to enforce civil and commercial judgments in India and the DIFC.
In the UAE, there are 26,000 Indian firms and over 40,000 UAE based firms owned by NRIs. Therefore the increase in such establishments and foreign trade has increased the number of cross-border transactions, resulting in more commercial disputes.
Amendments to the Commercial Courts Act of India introduced in 2018 allow the state governments to establish courts at the district level. The signing of guidance note will facilitate trading between UAE and India.
Michael Hwang SC, Chief Justice of the DIFC Courts, said: “An increasing number of emerging economies have recognized that investing in efficient and globally connected courts is the necessity to compete for world trade and investment - and India is no exception. This Guidance Note with one of India’s leading law firms will enable greater trade security between our two markets and provide much-needed guidance on civil and commercial judgments in both India and Dubai.”