Adopted in December 2018, and signed in August, 2019, with more than 45 signatories, including the U.S. and China, the United Nations Convention on International Settlement Agreements resulting from Mediation, also known as the “Singapore Convention on Mediation” (the “Convention”) applies to international settlement agreements resulting from mediation. It establishes a legal framework to invoke settlement agreements and to see to their enforcement.
The Convention is an instrument for the facilitation of international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes. Being a binding international instrument, it is expected to bring certainty and stability to the international framework on mediation.