UN Convention on International Settlement Agreements resulting

  • Category
    India & world
  • Published
    13th Aug, 2019

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

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).

X
History Webinar

© 2020 Basix Education Pvt. Ltd. All Rights Reserved