A representation of 70 countries attended a signing ceremony and conference in Singapore on 7 August to support the international treaty and 46 countries are expected to sign (the convention will not come into force until three states have ratified it).
The EU’s position is uncertain at this stage. The European Commission is assessing whether it has competence to sign or whether it would require individual states to sign. The United Kingdom is yet to sign.
The convention does not specify a particular format or approach to mediation. The intention of the treaty is such that a written signed document which is the result of a mediated settlement would entail reliance on courts in participating jurisdictions to apply an expedited procedure for enforcement.
Currently, the enforcement process of a mediated settlement could be very burdensome especially for cross border settlement agreements often entailing an expensive, burdensome and lengthy court process.
Contact us for a discussion on your negotiation and mediation needs.