The Singapore Convention: A Potential Cornerstone Of Mediation

In the past few decades, with international trade and commerce on a rise, there has been a significant increase in commercial disputes amongst parties from different states. These transboundary disputes have led to the growth and evolution of the international legal regime. The success of the 1958 New York Convention, considered as the cornerstone of the legal regime for international arbitration, is a testament to the willingness of parties to resolve transboundary disputes through alternative dispute resolution mechanisms. While arbitration has been a preferred means of resolution of international disputes, with the increasing complexity thereof, it is necessary for parties to have access to multiple avenues for dispute resolution. Mediation is one such international alternative dispute resolution mechanism which is gaining popularity. As such, mediation is a method for settling commercial disputes in which the "parties attempt to reach an amicable settlement of their