(The Gist of PIB) Cabinet approves signing of the UN Convention on International Settlement Agreements resulting from mediation by India


    (The Gist of PIB) Cabinet approves signing of the UN Convention on International Settlement Agreements resulting from mediation by India
[AUGUST-2019]


Cabinet approves signing of the UN Convention on International Settlement Agreements resulting from mediation by India

  • The Union Cabinet chaired by Prime Minister Narendra Modi has approved the signing of the United Nations Convention on International Settlement Agreements resulting from mediation by India. 

Key highlights 

  • The United Nations General Assembly adopted the United Nations Convention on International Settlement Agreements Resulting from Mediation (“the Convention”) in December 2018. 
  • The General Assembly authorized that the Convention will open for signature at a signing ceremony to be held on 7thAugust 2019 in Singapore and will be known as the “Singapore Convention on Mediation”. 

Salient Features: 

  • The Convention provides a uniform framework for the enforcement of international settlement agreements resulting from mediation and for allowing parties to invoke such agreements. 
  • The Convention defines two additional grounds upon which a court may, on its own motion, refuse to grant relief. Those grounds relate to the fact that a dispute would not be capable of settlement by mediation or would be contrary to public policy. 
  • Signing of the Convention by India will boost the confidence of the investors and shall provide a positive signal to foreign investors about India’s commitment to adhere to international practice on Alternative Dispute Resolution (ADR).

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Courtesy: PIB