Businesses will be able to enforce international mediated agreements without recourse to lengthy and costly breach of contract proceedings, a justice minister said today as he signed the UN Singapore Convention on Mediation in New York.
The 2019 convention, which has been signed by 56 jurisdictions and ratified by 11, is designed to strengthen trust in dispute resolution and promote mediation to resolve cross-border commercial disputes. UK ratification, which will follow legislation, leapfrogs the EU which is still considering the 2019 convention.
Announcing his intention to sign, justice minister Mike Freer MP said: 'Our legal services sector is among the best in the world and signing the Singapore Convention in New York today will help strengthen the UK’s position as a respected hub for international dispute resolution.
'Mediation offers businesses a cost-effective method for resolving cross-border disputes outside of court and signing the convention will save time and money for businesses trading internationally.
'We also continue to work closely with colleagues in the US to help UK firms build expertise in global markets and I am meeting the American Bar Association to promote our work in international arbitration.'
Freer spoke at the ABA's annual conference this week about developments in international arbitration.
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