ISLAMABAD, Dec 17 (EPI): The Federal Cabinet, in its meeting held on 17 December 2024, has accorded approval for Pakistan to sign the United Nations Convention on International Settlement Agreements Resulting from Mediation, commonly known as the Singapore Convention on Mediation. This marks a significant step towards facilitating international dispute resolution and strengthening Pakistan\u2019s legal framework for cross-border trade and investment.<\/p>\n
Adopted on 20 December 2018, the Singapore Convention was opened for signature in Singapore on 7 August 2019 and subsequently at the United Nations Headquarters in New York under Article 11 of the Convention. It officially entered into force on 12 September 2020 following the ratification by three countries, including Qatar.<\/p>\n
The Convention aims to facilitate the recognition and enforcement of international mediated settlement agreements (iMSAs) across jurisdictions, eliminating the need for prolonged court proceedings.<\/p>\n
To date, 57 countries, including Saudi Arabia, Malaysia, the United Kingdom, Turkey, Iran, Qatar, as well as major global economies like the United States and China, have signed the Convention. Fourteen countries, including Saudi Arabia, Turkey, Qatar, and Japan, have already ratified it, underscoring its growing acceptance in international trade law.<\/p>\n
The Singapore Convention establishes a streamlined and cost-effective process for enforcing international mediated settlement agreements directly in the competent authorities of contracting states.<\/p>\n
Traditionally, such agreements were treated as private contracts requiring additional litigation for enforcement. By signing the Convention, Pakistan will offer a robust and reliable legal framework for dispute resolution, thereby addressing longstanding concerns regarding the enforcement of international agreements in Pakistan.<\/p>\n
The signing of the Convention aligns with Pakistan\u2019s efforts to modernize its dispute resolution mechanisms and create an investor-friendly legal environment.<\/p>\n
The Ministry of Law and Justice remains committed to strengthening Pakistan\u2019s legal infrastructure, promoting international best practices, and fostering an environment conducive to trade, investment, and economic growth.<\/p>\n
Ends-Exact Press International-<\/p>\n","protected":false},"excerpt":{"rendered":"