The United Nations Convention on International Settlement Agreements Resulting from Mediation is open for signature in Singapore, on 7 August 2019, and the Republic of Serbia will become one of the first signatories.
The Singapore Convention applies to international settlement agreements resulting from mediation, concluded by parties to resolve a commercial dispute. It provides an efficient and harmonised framework for cross-border enforcement of such agreements, in all States which are parties to the Convention. It thereby contributes to strengthening access to justice and the rule of law.
The Convention is itself a result of four years of intense mediation between over 80 countries and 35 NGOs, under the auspices of the UNCITRAL and has been designed to become an essential international instrument in the facilitation of international trade and the promotion of mediation as an appropriate and effective dispute resolution pathway.
It is expected that the ratification of the Convention will have a similar, catalyst effect on the affirmation of mediation, which the New York Convention had for arbitration.
For more information on the Convention and the Signing Ceremony, please see: https://www.singaporeconvention.org/convention-text.html