The United Nations Convention on International Settlement Agreements Resulting from Mediation also called the Singapore Convention on Mediation came into force on September 12, 2020.
- The Convention was adopted on 20 December 2018 by resolution 73/198 during the seventy-third session of the General Assembly of the United Nations.
- As on September 1, the Convention has 53 signatories, including India, China and the U.S. India signed this convention on 7 Aug 2019 but yet to ratify it.
- The convention will provide a more effective way for enforcing mediated settlements of corporate disputes involving businesses in India and other countries that are signatories to the Convention.
- This is also the first UN treaty to be named after Singapore.
- The harmonised and simplified enforcement framework under the Convention translates to savings in time and legal costs.
- The convention would boost India’s ‘ease of doing business’ credentials by enabling swift mediated settlements of corporate disputes.
- Businesses in India and around the world will now have greater certainty in resolving cross-border disputes through mediation.
(Source: UN and The Hindu)
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