UN CONVENTION ON INTERNATIONAL SETTLEMENT AGREEMENTS

 

For: Preliminary & Mains

Topics covered: About the UN Convention on International Settlement Agreements, Mediation, Working of the convention, Singapore Convention on Mediation

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News Flash

Members of the United Nations signed the Singapore Convention on Mediation, an agreement it hopes will make it easier to settle cross-border commercial disputes and stabilise trade relationships.

The UN Convention on International Settlement Agreements Resulting from Mediation, its official title, was signed in Singapore by 46 UN members, including the United States and China.

This will help advance international trade, commerce and investment.

 

Mediation It is an agreement that hopes to settle cross border commercial disputes. Mediation is already used to settle commercial disputes in jurisdictions like the United States and the United Kingdom but it is not globally accepted. It is hoped the convention will improve the credibility of mediation.

 

Aim

The aim is to have a global framework that will give businesses greater confidence to settle international disputes through mediation rather than taking them to court, which can be obstructively time-consuming and expensive.

 

How does the convention work?

The convention sets the standards for enforcing and invoking settlement agreements, the requirements for reliance on settlement agreements and the grounds for refusing to grant relief.

 

Singapore Convention on Mediation

Adopted in December 2018, the United Nations Convention on International Settlement Agreements resulting from Mediation, also known as the “Singapore Convention on Mediation” (the “Convention”) applies to international settlement agreements resulting from mediation (“settlement agreement”).

It establishes a harmonized legal framework for the right to invoke settlement agreements as well as for their enforcement.

The Convention is an instrument for the facilitation of international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes.

Being a binding international instrument, it is expected to bring certainty and stability to the international framework on mediation, thereby contributing to the Sustainable Development Goals (SDG), mainly the SDG 16.

 

Source: The Hindu

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