Colombo, Aug 8 (BAN/ AD): On Wednesday Sri Lanka has signed the United Nations Convention on International Settlement Agreements Resulting from Mediation. Thalatha Athukorala Minister of Justice and Prison Reforms signed the agreement.
The agreement was signed by 46 nations which applies to international settlement agreements resulting from mediation and establishes a harmonized legal framework for the right to invoke settlement agreements as well as for their enforcement. The convention was attended by around 1500 delegates from around the world. The convention was organized by Singapore Ministry of Law and the United Nations Commission on International Trade Law.
The agreement is called Singapore convention on Mediation and was adopted by the United Nations (UN) General Assembly and in December 2018. The agreement will help in coordinating international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes.