SINGAPORE: The United Nations General Assembly on Thursday (Dec 20) passed a resolution to adopt the United Nations (UN) Convention on International Settlement Agreements Resulting from Mediation, and to name it after Singapore.
Known as the Singapore Convention on Mediation, it is the first treaty to be named after Singapore under the auspices of the UN, the Ministry of Law said in a press release on Friday.
“Singapore is expected to be amongst the first signatories of the Convention,” the ministry said.
“The Convention will provide for the cross-border enforcement of mediated settlement agreements. This will give businesses greater certainty that mediated settlement agreements can be relied upon to resolve cross-border commercial disputes.”
The treaty will be signed in August 2019 in Singapore.
“It is a singular honour for Singapore and will further cement Singapore’s place on the world map for international dispute resolution,” said Minister for Law and Home Affairs K Shanmugam.
“We look forward to welcoming everyone for the signing ceremony on Aug 7 next year.”
In 2017, Singapore enacted a Mediation Act to allow parties to enforce mediated settlement agreements more easily.
It has also set up the Singapore Mediation Centre, the Singapore International Mediation Centre, the Singapore International Mediation Institute, and the Singapore International Dispute Resolution Academy.