Singapore Convention on Mediation

Why in news?

• Singapore Convention on Mediation has entered into force, marking a significant development in international commercial dispute resolution.

About the convention:

• The Convention is also known as the United Nations (UN) Convention on International Settlement Agreements Resulting from Mediation.
• It is the first UN treaty to be named after Singapore.
• As of September 1, 2020, the Convention has 53 signatories, including India, China, and the United States.
• Six countries have ratified the convention and it came into force on 12 September 2020, that is, six months after the third ratification (by Qatar).

What is the importance of the convention?

• The Convention provides a more effective means for mediated outcomes to be enforced when resolving cross-border disputes through mediation.
• Businesses in India and around the world will now have greater certainty while using mediation processes.
• With the Convention in force, businesses seeking enforcement of a mediated settlement agreement across borders can do so by applying directly to the courts of countries that have signed and ratified the treaty, instead of having to enforce the settlement agreement as a contract in accordance with each country’s domestic process.
• The harmonised and simplified enforcement framework under the Convention translates to savings in time and legal costs, which is especially important for businesses in times of uncertainty, such as during the current COVID-19 pandemic.
• The number of first-day signatories was among the highest for any UN trade convention, reflecting international recognition and support of the Convention’s benefits.

For Singapore:

• As adoption of the Convention becomes more prevalent globally, it will also strengthen Singapore’s position as an international dispute resolution centre and better serve the needs of international businesses that use Singapore as a base for their international commercial transactions.
• Over the years, Singapore has set up various institutions, including the Singapore International Arbitration Centre, Singapore International Mediation Centre, and Singapore International Commercial Court to provide a full suite of dispute resolution services for international commercial parties to resolve their disputes in Singapore.

PRELIMS QUESTION

Singapore convention, recently in news is related to:
(a)Air Traffic management
(b)Marine Bunkering 
(c)Cross border mediation
(d)Prevention of war crimes

Answer to prelims question