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EXPLAINED : SINGAPORE CONVENTION ON MEDIATION

EXPLAINED : SINGAPORE CONVENTION ON MEDIATION

About Singapore Convention on Mediation

The Singapore Convention on Mediation came into force recently which will provide a more effective way to enforce mediated settlements of corporate disputes which involves businesses in India and other countries that are signatories to the Convention.

  • It is a uniform and efficient framework for international settlement agreements resulting from mediation.
  • It applies to international settlement agreements resulting from mediation, concluded by parties to resolve a commercial dispute.
  • It will facilitate international trade and commerce by enabling disputing parties to easily enforce and invoke settlement agreements across borders.
  • It is known as the United Nations Convention on International Settlement Agreements Resulting from Mediation.
  • It is  the first UN treaty to be named after Singapore.
  • India approved the signing of the Convention in July 2019.

Significance of Singapore Convention on Mediation for India

  • It would boost India’s ‘ease of doing business’ credentials by enabling swift mediated settlements of corporate disputes.
  • Businesses in India will now have greater certainty in resolving cross-border disputes through mediation.

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