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Singapore Convention on Mediation

  Sep 22, 2020

Singapore Convention on Mediation

Q. Why in News ? 

A. The Singapore Convention on Mediation has finally come into force.

Q. What is Singapore Convention?

  • It is aimed to provide a more effective way of enforcing mediated settlements of corporate disputes involving businesses in India and other countries that are signatories to the Convention.
  • Also known as the UN Convention on International Settlement Agreements Resulting from Mediation, this is also the first UN treaty to be named after Singapore.
  • With the Convention in force, businesses seeking enforcement of a mediated settlement agreement across borders can do so by applying directly to the courts of countries that have signed and ratified the treaty.
  • The harmonized and simplified enforcement framework under the Convention translates to savings in time and legal costs.

Q. Which countries are its signatories? 

  • The Convention has 53 signatories, including India,  China and the U.S.
  • Singapore had worked with the UN Commission on International Trade Law, other UN member states and non-governmental organisations for the Convention.

Q. What is significance of the convention? 

  • 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.