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Singapore Convention on Mediation

  • IASbaba
  • September 21, 2020
  • 0
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Singapore Convention on Mediation

Part of: GS Prelims and GS-II – International Relations

In news

  • Recently, the United Nations Convention on International Settlement Agreements Resulting from Mediation has come into force.
  • It is also known as the Singapore Convention on Mediation.
  • It is the first UN treaty to be named after Singapore.

Key takeaways

  • The convention will provide a more effective way of enforcing mediated settlements of corporate disputes involving businesses in India and other signatories.
  • India approved the signing of the Convention in July 2019.
  • The Convention has 53 signatories which include China and the USA as well.

Significance

  • It will promote mediation as an alternative and effective method of resolving trade disputes.
  • The settlement reached by parties shall be binding and enforceable.
  • Mediated settlement agreement across borders can be done by applying directly to the courts of countries that have signed and ratified the treaty.
  • It will save time and legal costs.
  • Businesses in India and around the world will now have greater certainty in resolving cross-border disputes through mediation.
  • It will boost India’s ‘ease of doing business’ credentials by enabling swift mediated settlements of corporate disputes.
  • It will also provide a positive signal to foreign investors about India’s commitment to adhere to international practice on Alternative Dispute Resolution (ADR).

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