THE UNITED NATIONS CONVENTION ON THE INTERNATIONAL AGREEMENTS OF SOLVING DISPUTES THROUGH MEDIATION

Abstract

The United Nations Convention on International Agreements resulting from Mediation is significant because it regulates the cross-border enforcement of agreements reached in mediation and seeks to provide a single, effective framework for the recognition and enforcement of these agreements, which resolve international trade disputes. The global importance of this Convention is of a great importance, which is indicated by signing the Convention by three countries with the largest world economy: the USA, China and India. The purpose of this Convention is to promote the enforcement of international agreements arising from mediation, in the same way as the New York Convention on the Recognition and Enforcement of Foreign Arbitrary Decisions facilitates the recognition and enforcement of foreign arbitrary decisions. As the New York Convention regulated the field of enforcement of foreign arbitrary decisions, mediation in this field had a legal void. Such a legal void made cross-border mediation impossible, which the Singapore Convention eliminated. The number of countries signatories is the best indicator of the actual need of the international economy for this type of dispute resolution. Therefore, the topic of this paper will be an overview of the main contents of the Singapore Convention.