The Australian Government has reinforced its commitment to mediation as a method of international commercial dispute resolution with the signing of the United Nations Convention on International Settlement Agreements Resulting from Mediation, also known as the Singapore Convention.
The Convention establishes a uniform framework for the enforcement of international commercial settlement agreements resulting from mediation.
Attorney-General Michaelia Cash said the signing was a significant milestone for Australia in the development of its international dispute resolution framework, and in increasing access to justice in commercial disputes.
“Access to enforceable and effective mediation should reduce the time and cost of dispute resolution, thereby enhancing access to justice for individuals and businesses in Australia,” said the Attorney-General.
“A widely adopted Singapore Convention will promote efficiency in the use of judicial resources by encouraging parties to resolve their cross-border commercial disputes outside of courts.”
Minister for Foreign Affairs Marise Payne said the Convention would facilitate international trade and promote mediation as an alternative dispute resolution option in cross-border disputes.
“The Singapore Convention ensures that privately mediated settlement agreements are able to be readily recognised by law,” Minister Payne said.
“Signing the Convention demonstrates Australia’s support for enhanced simplicity, certainty and autonomy for parties in commercial disputes.” The Australian Government will now begin work on implementing the Convention in Australia.
