UN Convention on International Settlement Agreements resulting
India & world
13th Aug, 2019
The Union Cabinet had approved the signing of the UN Convention on International Settlement Agreements resulting from mediation by India
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.
This move will provide a positive signal to foreign investors about India's commitment to adhere to international practice on Alternative Dispute Resolution (ADR).