New Delhi, Nov 28 (IANS): President Pranab Mukherjee on Monday said that India has the potential to emerge as a leading seat for international dispute resolution.

Addressing an international conference to mark the 50th anniversary of the United Nations Commission on International Trade Law (UNCITRAL), he also said that India was uniquely placed to contribute to the development of legal principles for harmonisation and unification in commercial and trade laws.

"I am convinced that India has the potential to emerge as a leading seat for international dispute resolution. 

"Prime Minister (Narendra Modi) has also declared that an enabling alternate dispute resolution ecosystem is a national priority for India and that we need to promote India globally as an arbitration hub," said Mukherjee. 

The President also said that critical amendments have been made to the Arbitration and Conciliation Act to ensure timely and just resolution of arbitral disputes.

"India's sustained growth rate of over 7 percent is amongst the highest in the world and its large domestic market has attracted global enterprise of the highest calibre. India is, therefore, uniquely placed to contribute to the development of legal principles for harmonisation and unification in commercial and trade laws.

"It is in such times of change, that institutions such as UNCITRAL become even more relevant bringing legal, financial and technical experts together to contemplate and design the legal framework for future trade and commerce," he added.