New Delhi, Aug 26 (IANS): With India in the chair of the BRICS group this year, a conference on 'International Arbitration in BRICS' will be inaugurated by IT and Law Minister Ravi Shankar Prasad here on Saturday.

The conference, jointly organised by the Federation of Indian Chambers of Commerce and Industry, the union government's Department of Economic Affairs and the Indian Council of Arbitration, is being held in the lead-up to the BRICS (Brazil, Russia, India, China, South Africa) leaders summit slated to be held in Goa in October, Ficci said in a release here.

The conference valedictory will be delivered by Finance Minister Arun Jaitley.

"As of 2015, the five BRICS nations have an inter-trading of $242 billion," the statement said.

"An efficient and effective measure for the resolution of any commercial or investment dispute by investors or trading entities between the BRICS nations is imperative to encourage further economic activity and cooperation," it said.

The conference will outline the latest developments in particular areas of arbitration in respective countries, showcase related challenges and suggest a roadmap for establishing a collective arbitration regime for BRICS, Ficci added.