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Singapore Convention on Mediation
Why is it in news?
- The Singapore Convention on Mediation came into force on 12 September 2020.
Details:
- Singapore Convention is the first UN treaty to be named after Singapore.
- It is also known as the United Nations Convention on International Settlement Agreements Resulting from Mediation.
- The convention provide a more effective way for enforcing mediated settlements of corporate disputes involving businesses.
- It will facilitate international trade and commerce by enabling disputing parties to easily enforce and invoke settlement agreements across borders.
- In December 2018, the United Nations General Assembly adopted, by consensus, the United Nations Convention on International Settlement Agreements Resulting from Mediation.
- India has signed the convention.
- It would help boost India’s ‘ease of doing business’ credentials.