The Singapore Convention on Mediation

The Singapore Convention on Mediation

07 Aug 2019
The Singapore Convention on Mediation

On 7 August 2019, during the Singapore Convention Week (2 – 8 August 2019), a formal ceremony was organised to mark the opening for signature of the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention on Mediation) by States and regional economic integration organisations. Adopted by the UN General Assembly on 20 December 2018 after three years of negotiation, the convention aims at establishing a harmonized legal framework for the right to invoke mediated settlement agreements in relation to commercial disputes and for their enforcement.

 

Reminding that mediation is a process by which parties, assisted by a third-party, attempt to reach an amicable settlement to their dispute, this ADR method keeps on proving itself to be very effective in facilitating international trade, as it enables to ease the discussion at an early stage without compromising valuable commercial relationships. Therefore, the adoption and ratification of this convention constitutes for many a pivotal moment for the promotion of mediation as it provides for a certain, stable and uniform international framework on mediation and encourages cross-border mediation which contributes to the development of harmonious international economic relations.

 

Today, 46 countries have already signed the convention including the United States, China and Mauritius. The convention will come into force in six months and promises to be just as successful as the New York Convention on the Recognition and the Enforcement of Foreign Arbitral Awards.

 

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