NO&T Asia Legal Review
On 7 August 2019, the United Nations Convention on International Settlement Agreements Resulting from Mediation (the “Singapore Convention”) was signed by 46 States at an official ceremony held in Singapore. Present signatories to the Convention include the world’s leading economies such as the US, China and India. Key economies in Asia including Singapore, Malaysia, the Philippines and South Korea have also signed the Convention.
The objective of the Singapore Convention is to establish a framework for the enforcement of international commercial settlement agreements reached through mediation, much in the similar way that its predecessor, the New York Convention, facilities the recognition and enforcement of international arbitration awards.
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