After extensive discussions between member states, the
United Nations Convention on International Settlement
Agreements Resulting from Mediation, also known as the Singapore Convention, was signed today. A
total of 46 countries signed the Convention, including the
world's two largest economies, the US and China, and several of
the largest economies in Asia. This is the highest number of
first-day signatories of a UN trade convention to date. A full list
of signatories can be found at the foot of this blog post. It is
understood that further states are planning to sign the Convention
in the near future.
With this Convention, the role of mediation in cross-border
disputes is strengthened. The status of mediation is elevated and
enforcement is simplified. The occasion is a momentous one in
recent legal history. We discuss its impact below.
