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The Singapore Ministry of Law confirmed that 46 States, including the world’s two largest economies the United States and China, signed the Singapore Mediation Convention on the first day it was open for signing.
The Singapore Mediation Convention is a UN international treaty on mediation and was opened for signature in Singapore on Wednesday, 7 August. 70 countries, represented by over 1,500 delegates, attended the signing ceremony and associated conference.
Singapore and the UN also inked a Memorandum of Understanding (MOU) to cooperate for the organisation of an UNCITRAL Academy in Singapore. The new UNCITRAL Academy will, among other things, organise in Singapore future instalments of the Singapore Convention Conference. The next Conference will be held on 1 September 2020.
Minister Shanmugam said:
‘This is a significant week for Singapore. We have the signing of the Singapore Convention, by 46 countries, showing immediate commitment to a rules based order in international trade. The EU and its member states also actively participated in the drafting of the Convention in the UN. In addition, this week in Singapore: INSOL International, a worldwide federation of 44 member associations, comprising restructuring and insolvency professionals, launched its first overseas office outside of London, in Singapore, to serve as its Asian hub; the American Arbitration Association - International Centre for Dispute Resolution (AAA-ICDR), a leading provider of alternative dispute resolution services for parties in commercial disputes, will open its Asia Headquarters and Case Management Centre in Singapore; the International Bar Association held its inaugural Asia Pacific Arbitration Conference yesterday; the newly refurbished Maxwell Chambers Suites, the world’s first integrated dispute resolution complex that houses the largest number of case management offices of dispute resolution institutions worldwide, will have its grand opening tomorrow. All of this will help Singapore play an important role in helping in international business and finance flows.’
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