On April 25, 2022, Head of State signed the Law “On Ratification of the UN Convention on International Settlement Agreements Resulting from Mediation”.

On April 25, 2022, Head of State signed the Law “On Ratification of the UN Convention on International Settlement Agreements Resulting from Mediation”.

The UN Convention on International Settlement Agreements Resulting from Mediation, also known as the Singapore Convention on Mediation, is aimed at introducing an international regime for the recognition and enforcement of agreements on the settlement of commercial disputes resulting from mediation.

The Convention has been signed by 55 countries, among them 8 countries (Singapore, Ecuador, Fiji, Honduras, Qatar, Saudi Arabia, Turkey, Georgia) have ratified it, and 1 country (Belarus) has approved.

The ratification of the Convention will strengthen the legal framework for the settlement of international commercial disputes and will also strengthen the State’s position in the field of international trade law and will be welcomed by the business community and foreign investors.