The Singapore Convention on Mediation Treaty of the United Nations has been implemented on Saturday in 53 countries, including India. All countries have signed this treaty.
- Last Updated:September 13, 2020, 9:11 PM IST
Explain that this is also the first UN treaty to be held in the name of Singapore. A statement issued by the Law Ministry of Singapore on Saturday said that each country has a domestic and expensive process for settlement of disputes. Due to these, many important business issues remain entangled in disputes for a long time. With the enactment of the Convention, applications can be made directly by member states to resolve disputes related to cross-border business. The harmonized and simple and effective framework under the treaty will also save time and legal costs in dispute resolution, which is particularly important for businesses in times of uncertainty during the Kovid-19 pandemic.
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The implementation of the Convention is an important milestoneSecretary of the United Nations Commission on International Trade Law, Zubin-Brett said that with the Convention successfully implemented, we look forward to bringing it certainty and stability in the international framework on arbitration, and contributing to the Sustainable Development Goals. At the same time, Singapore’s Minister of Home and Law Affairs K Shanmugam said that the implementation of the Convention is an important milestone, as it further strengthens the effective framework of international dispute resolution. Singapore had long worked with the United Nations Commission on International Trade Law and other UN member states and non-governmental organizations for the Convention. Explain that Singapore has emerged as a major center of international commercial dispute resolution services. Over the years, various international institutions have been established here. Among them are Singapore International Arbitration Center, Singapore International Arbitration Center and Singapore International Commercial Court.