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The Singapore Convention on mediation: could 2020 be the year of the ratification?

"The United Nations Convention on International Settlement Agreements resulting from Mediation, also known as the ‘Singapore Convention’, opened for signature in Singapore on 7 August 2019. The Convention seeks to facilitate international trade by furthering the promotion of mediation as a fast and cost-efficient way of resolving international disputes.

At its opening, the Singapore Convention was signed by 46 countries, including three of the world’s largest economies - China, India and the United States of America[1]. This far surpasses the 10 countries who had initially signed the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the ‘New York Convention’) when it opened for signature in New York in 1958[2].

The European Union is yet to sign the Singapore Convention as it is undecided if it has the competence to sign the Singapore Convention or, alternatively, whether each member state should sign the Convention individually. It is currently unknown whether the United Kingdom will enter into the Singapore Convention once it has left the European Union on 31 January 2020."

Read in full:  

Web-link: http://www.lexology.com/library/detail.aspx?g=43578b07-7b21-4ba7-a229-a7f98ed025...
Source: Penningtons Manches Cooper LLP
Language: English
Contact: Steffen Pedersen and Charlotte Hill