From UPSC perspective, the following things are important :
Prelims level : Singapore Convention
Mains level : Not Much
The Singapore Convention on Mediation has finally come into force.
Try this MCQ:
Q. The Singapore Convention recently seen in news is related to:
Climate change/ Arbitration and conciliation/ Foreign trade/ Marine Regulation
- It is aimed to provide a more effective way of enforcing mediated settlements of corporate disputes involving businesses in India and other countries that are signatories to the Convention.
- Also known as the UN Convention on International Settlement Agreements Resulting from Mediation, this is also the first UN treaty to be named after Singapore.
- With the Convention in force, businesses seeking enforcement of a mediated settlement agreement across borders can do so by applying directly to the courts of countries that have signed and ratified the treaty.
- The harmonized and simplified enforcement framework under the Convention translates to savings in time and legal costs.
- The Convention has 53 signatories, including India, China and the U.S.
- Singapore had worked with the UN Commission on International Trade Law, other UN member states and non-governmental organisations for the Convention.
Significance of the convention
- The Convention would boost India’s ‘ease of doing business’ credentials by enabling swift mediated settlements of corporate disputes.
- Businesses in India and around the world will now have greater certainty in resolving cross-border disputes through mediation.