The UAE is set to join the Singapore Convention on Mediation to help facilitate international trade and investment as well as promote the appeal of mediation as a mechanism of resolving commercial disputes with a cross-border dimension.
The Emirates will become the 56th signatory to the Singapore Convention, with support from the UAE Ministry of Foreign Affairs and International Cooperation (MoFAIC), Ministry of Justice (MoJ), and Abu Dhabi Global Market (ADGM).
According to the statement, it will begin implementing a framework for the enforcement of settlement agreements resulting from mediations in international commercial disputes.
“Joining the Singapore Convention will be a momentous step for the UAE, underlining its progressive spirit and leadership, and reinforcing its position as a global trading hub. With the support of MoFAIC, MoJ and ADGM, this step will help boost international trade and investment, encourage commercial dispute resolution through mediation, and strengthen the UAE as a global business destination of choice.”
Announced at ADGM’s inaugural dispute resolution forum called RESOLVE 2022, the Convention will offer the UAE a uniform and efficient mechanism to enforce the terms of agreements in other jurisdictions. As per the reports, “This is similar to what the New York Convention on the Recognition and Enforcement of Arbitral Awards (the New York Convention) does for international arbitral awards.”
“The Singapore Convention on Mediation entered into force at the United Nations Convention on International Settlement Agreements Resulting from Mediation in 2020,” the statement said. The Singapore Convention on Mediation offers an efficient and harmonized framework for the cross-border reliance on mediated settlement agreements.
“Finalized in mid-2018, the Convention first opened for signature in Singapore, on 7 August 2019, attracting 46 signatories,” according to the reports.