UN members sign mediation convention to settle trade disputes
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
THURSDAY, MAY 19, 2022
THURSDAY, MAY 19, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
UN members sign mediation convention to settle trade disputes

World+Biz

Reuters
07 August, 2019, 09:45 am
Last modified: 07 August, 2019, 09:49 am

Related News

  • Ukraine war could cause global food crisis: UN
  • N Korea Covid outbreak could have 'devastating' impact on human rights, UN says
  • US calls out Russia, China opposition to UN action on N Korea
  • Ukraine calls for UN rights session, cites Mariupol 'mass casualties'
  • Head of UN agency resigns after questions arise about loans

UN members sign mediation convention to settle trade disputes

The aim is to have a global framework that will give businesses greater confidence to settle international disputes through mediation rather than taking them to court.

Reuters
07 August, 2019, 09:45 am
Last modified: 07 August, 2019, 09:49 am
Containers are seen at the Yangshan Deep Water Port in Shanghai, China August 6, 2019/Reuters
Containers are seen at the Yangshan Deep Water Port in Shanghai, China August 6, 2019/Reuters

Members of the United Nations on Wednesday signed the Singapore Convention on Mediation, an agreement it hopes will make it easier to settle cross-border commercial disputes and stabilise trade relationships.

The U.N. Convention on International Settlement Agreements Resulting from Mediation, its official title, was signed in Singapore by 46 U.N. members, including the United States and China. U.N. conventions are often named after the country or city where they are signed.

The aim is to have a global framework that will give businesses greater confidence to settle international disputes through mediation rather than taking them to court, which can be obstructively time consuming and expensive.

“This will help advance international trade, commerce and investment,” said Singapore’s Prime Minister Lee Hsien Loong at the signing ceremony.

“Today, a group of states have come together to recommit ourselves to multilateralism and to declare that we remain open for business.”

Mediation is already used to settle commercial disputes in jurisdictions like the United States and the United Kingdom but it is not globally accepted. It is hoped the convention will improve the credibility of mediation.

“Uncertainty surrounding the enforcement of settlement agreements had been the main obstacle of the greater use of mediation,” said UN Legal Affairs Assistant Secretary-General, Stephen Mathias.

“The convention sets the standards for enforcing and invoking settlement agreements, the requirements for reliance on settlement agreements and the grounds for refusing to grant relief.”

The naming of the convention is a coup for tiny Singapore, a city-state home to more than 130 foreign law firms that is vying to be an international legal hub as the number of commercial cross-border disputes rise.

 

Top News

UN / Trade dispute

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Falling trade barriers and hyper-efficient logistics produced an age of abundance for many. But the last four years have brought an escalating series of disruptions.Source: Bloomberg
    Age of scarcity begins with $1.6 trillion hit to world economy
  • Turkey's President Tayyip Erdogan holds a news conference during the NATO summit at the Alliance's headquarters in Brussels, Belgium on 14 June  2021. Photo: Reuters
    Turkey has told allies it's a 'no' to Sweden and Finland's NATO bid - Erdogan
  • Photo: Courtesy
    Cabinet asks BB, finance, commerce ministries to report on prices of essentials

MOST VIEWED

  • The first bridge is being used to move equipment such as cranes needed to build the second one, according to experts who analysed the latest high-resolution satellite imagery of the site. (PTI)
    India monitoring reports of bridge coming up in Pangong’s ‘occupied’ area
  • A trader works on the floor of the New York Stock Exchange shortly after the opening bell in New York, US, January 24, 2020. Photo: Reuters
    World shares sink after inflation driven retreat on Wall St
  • Service members of pro-Russian troops wait before the expected evacuation of wounded Ukrainian soldiers from the besieged Azovstal steel mill in the course of Ukraine-Russia conflict in Mariupol, Ukraine May 16, 2022. REUTERS/Alexander Ermochenko/File Photo
    Money for Ukraine tops G7 agenda; inflation, food a concern
  • A group of migrants walks to a Red Cross tent after disembarking from a Spanish coast guard vessel, in the port of Arguineguin, in the island of Gran Canaria, Spain on 22 November 2021. REUTERS/Borja Suarez
    Number of people illegally in EU grew 22% in 2021 - Eurostat
  • FILE PHOTO: A girl sits in front of a bakery in the crowd with Afghan women waiting to receive bread in Kabul, Afghanistan, January 31, 2022. REUTERS/Ali Khara/File Photo
    Taliban say female Afghan TV presenters must cover face on air
  • Falling trade barriers and hyper-efficient logistics produced an age of abundance for many. But the last four years have brought an escalating series of disruptions.Source: Bloomberg
    Age of scarcity begins with $1.6 trillion hit to world economy

Related News

  • Ukraine war could cause global food crisis: UN
  • N Korea Covid outbreak could have 'devastating' impact on human rights, UN says
  • US calls out Russia, China opposition to UN action on N Korea
  • Ukraine calls for UN rights session, cites Mariupol 'mass casualties'
  • Head of UN agency resigns after questions arise about loans

Features

Sketch: TBS

'Food inflation is an unavoidable consequence of currency devaluation'

10h | Interviews
The open-browser-tabs question also tells an interviewer how much of an internet native the job applicant might be. Photo: Noor-a-Alam

The best question to ask a job applicant

10h | Pursuit
Illustration: TBS

Ugly business: Politics in workplace

9h | Pursuit
Illustration: TBS

‘Do you have insurance?’: Life of a life insurance agent

12h | Panorama

More Videos from TBS

How a university teacher and PHD holder become farmer

How a university teacher and PHD holder become farmer

3h | Videos
Dhaka University's Botanical garden home to some of world's rarest plants

Dhaka University's Botanical garden home to some of world's rarest plants

3h | Videos
Cannes Film Festival 2022 resumes after 2 years

Cannes Film Festival 2022 resumes after 2 years

1d | Videos
Pension is coming for all

Pension is coming for all

1d | Videos

Most Read

1
Representative Photo: Pixabay.
Bangladesh

Microplastics found in 5 local sugar brands

2
Mushfiq Mobarak. Photo: Noor-A-Alam
Panorama

Meet the Yale professor who anchors his research in Bangladesh and scales up interventions globally

3
The story of Bangladesh becoming a major bicycle exporter
Industry

The story of Bangladesh becoming a major bicycle exporter

4
How Bangladesh can achieve edible oil self-sufficiency with local alternatives
Bazaar

How Bangladesh can achieve edible oil self-sufficiency with local alternatives

5
Govt tightens belt to relieve reserve
Economy

Govt tightens belt to relieve reserve

6
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab