ISLAMABAD: The Federal Cabinet, in its meeting held here on Tuesday, accorded approval for Pakistan to sign the United Nations Convention on International Settlement Agreements Resulting from Mediation, commonly known as the Singapore Convention on Mediation.
This marks a significant step towards facilitating international dispute resolution and strengthening Pakistan’s legal framework for cross-border trade and investment.
Adopted on 20 December 2018, the Singapore Convention was opened for signature in Singapore on 7 August 2019 and subsequently, at the United Nations Headquarters in New York under Article 11 of the Convention. It officially entered into force on 12 September 2020 following the ratification by three countries, including Qatar.
Singapore convention on mediation: SC suggests country should become signatory
The Convention aims at facilitating the recognition and enforcement of international mediated settlement agreements (iMSAs) across jurisdictions, eliminating the need for prolonged court proceedings.
To date, 57 countries, including Saudi Arabia, Malaysia, the United Kingdom, Turkey, Iran, Qatar, as well as major global economies such as the United States and China, have signed the Convention. Fourteen countries, including Saudi Arabia, Turkey, Qatar, and Japan, have already ratified it, underscoring its growing acceptance in international trade law.
Copyright Business Recorder, 2024
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