'BRICS should develop its arbitration mechanism'
Finance Minister Arun Jaitley on Saturday said that BRICS nations should develop an arbitration mechanism to resolve trading disputes arising out of these nations. This will cut the reliance on developed nations' redressal centres whose awards, he said, tend to be "loaded" against developing countries. BRICS is a group of emerging nations, namely, Brazil, Russia, India, China, and South Africa.