Singapore Convention on Mediation will allow countries to enforce mediated settlements across borders
An international United Nations (UN) trade dispute resolution treaty named after Singapore will officially open for signature on Aug 7, and economic powerhouses the United States and China have indicated they will sign it. The treaty, known as the Singapore Convention on Mediation, will allow countries to enforce mediated settlements across borders, a piece of the mediation puzzle that has so far been missing.
Currently, while mediation is an option for countries involved in cross-border trade disputes, their hands are tied if one party does not honour the settlement. Mediation is typically done by a neutral party, who will be trained to bring the dispute to a resolution. Other options are arbitration and litigation.
Also known as the UN Convention on International Settlements Agreements Resulting from Mediation, the treaty was named after the city-state to recognise its role in developing and negotiating it. [read more]