Assertion (A): Foreign arbitration has been defined specifically under section 2(1)(f) of the Arbitration and Conciliation Act, 1996.
Reasoning (R): Arbitration with the government of a foreign country is called as foreign Arbitration.
Answer & explanation
Correct answer: option 2
International Commercial Arbitration - An arbitration in which at-least one of the disputing parties is a resident/body corporate of a country other than India. Arbitration with the government of a foreign country is also considered to be an international commercial arbitration. This form of arbitration has been defined specifically under section 2(1)(f) of the Arbitration and Conciliation Act, 1996.
Foreign Arbitration - An arbitration where proceedings are conducted in a place outside India and the award is required to be enforced in India.