UAE to join Singapore Convention to help boost international trade
Convention to provide efficient framework to enforce settlement agreements
Abu Dhabi: The UAE will join the Singapore Convention on Mediation to help facilitate international trade and investment and promote the appeal of mediation as a mechanism of resolving commercial disputes with a cross-border dimension.
Supported by the UAE Ministry of Foreign Affairs and International Cooperation, Ministry of Justice, and Abu Dhabi Global Market (ADGM), the UAE will be the 56th signatory to the Singapore Convention and will begin implementing a framework for the enforcement of settlement agreements resulting from mediations in international commercial disputes.
Announced at ADGM’s inaugural dispute resolution forum called Resolve 2022, the convention will provide the UAE with a uniform and efficient mechanism to enforce the terms of agreements in other jurisdictions. This is similar to what the New York Convention on the Recognition and Enforcement of Arbitral Awards (the “New York Convention”) does for international arbitral awards.
Commenting on joining the convention, Ahmed Jasim Al Zaabi, Chairman of ADGM, said: “Joining the Singapore Convention will be a momentous step for the UAE, underlining its progressive spirit and leadership, and reinforcing its position as a global trading hub.”
“With the support of MoFAIC, MoJ and ADGM, this step will help boost international trade and investment, encourage commercial dispute resolution through mediation, and strengthen the UAE as a global business destination of choice.”