Context

The Union Cabinet had approved the signing of the UN Convention on International Settlement Agreements resulting from mediation by India

About

UN Convention on International Settlement Agreements

• It is also known as the “Singapore Convention on Mediation”.
• It provides an efficient and harmonized framework for cross-border enforcement of settlement agreements
• It ensures that a settlement reached by parties becomes binding and enforceable in accordance with a simplified and streamlined procedure.
• It is an essential instrument in the facilitation of international trade and in the promotion of mediation as an alternative and effective method of resolving trade disputes

India’s Other Initiatives to promote Mediation

• The Government is in the process of establishing the New Delhi International Arbitration Centre (NDIAC) as a statutory body
• Commercial Courts Act, 2015 has been amended and amendment to the Arbitration and Conciliation Act, 1996, is currently underway.

Significance

This move will provide a positive signal to foreign investors about India's commitment to adhere to international practice on Alternative Dispute Resolution (ADR).