Maldives have signed the Singapore Convention on Mediation. The agreement was signed by Attorney General Ibrahim Riffath on behalf of the Government of Maldives at the Singapore Convention Signing Ceremony and Convention held in Singapore.
The convention also known as United Nations Convention on International Settlement Agreements Resulting from Mediation will enable mediation settlement agreements to be enforced in member states. The agreement will make it easier to settle cross-border commercial disputes and stabilise trade relationships. The convention was signed in Singapore by 46 United Nations member states, including the US and China.
The aim of the convention 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.
Although Maldives signed the convention, a law will be required to implement the convention. The relevant works have now commenced to draft the bill for parliament approval, according to Attorney General's Office.
The parliament passed to sign the convention unanimously with 75 votes. Parliamentarians expressed hope the signing of the convention will promote more business opportunities for Maldives.