Surat, March 10 – The Federation of Surat Trade and Textile Association (FOSTTA) has taken a significant step towards ensuring the swift and fair resolution of trade disputes by effectively implementing the Arbitration Act. In a meeting held at the FOSTTA office, an arbitration panel was officially constituted, with 16 arbitrators appointed to handle commercial disputes.
FOSTTA President Kailash Hakim emphasized the importance of the Arbitration Act, stating that it would help resolve business disputes efficiently, saving both time and money for traders. He highlighted that the arbitration panel would function impartially, fostering trust among business owners. This initiative is expected to play a crucial role in making Surat’s textile trade smoother and free from conflicts.
The implementation of this act is seen as a major step toward strengthening business reliability while safeguarding the interests of traders. FOSTTA has urged all traders to take advantage of the arbitration panel for resolving their disputes in a structured manner.
One of the key benefits of the Arbitration Act is that disputes will be settled outside the traditional court system, leading to reduced legal costs and quicker resolutions. Additionally, arbitration will help maintain commercial relationships and ensure confidentiality in dispute settlements.
With this move, FOSTTA has set a new benchmark in Surat’s textile industry, aiming to enhance business growth and promote trust among traders by providing a structured and effective dispute resolution mechanism.
