The United Nations Convention on International Settlement Agreements Resulting from Mediation now draws closer to entry into force, which shall take place six months after the deposit of three instruments of ratification.
The development comes following the deposit of instruments of ratification by Singapore and Fiji on February 25 at the UN Headquarters in New York.
A total of 52 states have signed the convention, also known as the Singapore Convention on Mediation, since it opened for signature on August 7, 2019.
Adopted in December 2018 by the UN General Assembly, the Singapore Convention on Mediation is a multilateral treaty prepared by the United Nations Commission on International Trade Law (UNCITRAL). The convention seeks to provide an effective cross-border enforcement mechanism for international settlement agreements resulting from mediation.
The General Assembly asserts that the use of mediation “results in significant benefits, such as reducing the instances where a dispute leads to the termination of a commercial relationship, facilitating the administration of international transactions by commercial parties and producing savings in the administration of justice by States.”
The convention is open for signature and for accession by states and regional economic integration organisations at the UN Headquarters. States that have signed the convention need to ratify, accept, or approve the convention.
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