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India and Iran have agreed to pursue arbitration under rules framed by the UN Commission on International Trade Law (UNCITRAL) and will not go for commercial arbitration in foreign courts.

Facts About:

UN Commission on International Trade Law (UNCITRAL):

It is a subsidiary body of the UN General Assembly, established in 1966.

Mandate: To further the progressive harmonisation and unification of the law of international trade. 

Membership:

• The Commission is composed of 60 member States elected by the General Assembly.
• The 60 member States include 14 African States, 14 Asian States, 8 Eastern European States, 10  Latin  American and Caribbean States and 14 Western European and other States. 
• The General Assembly elects members for terms of six years; every three years, the terms of half of the members expire. 

• India is a founding member of this organisation.

Key facts about Chabahar Port

• It is a seaport in the Sistan-Balochistan province of Iran, on the Gulf of Oman, at the mouth of the Strait of Hormuz. 
• It is a deep-water port with direct access to the Indian Ocean that is outside the Hormuz Strait.
• Its geographic proximity to countries such as Afghanistan, Pakistan, and India, as well as its status as a key transit centre on the burgeoning International North-South Transport Corridor.

Source: https://www.thehindu.com/news/national/india-and-iran-drop-foreign-court-arbitration-for-chabahar-port/article67234071.ece