- 46 countries agree protocol aimed at using mediation instead of legal action
- Singapore set to capitalise on the naming of the convention, at Hong Kong’s expense
Speaking at the signing ceremony, Singapore Prime Minister Lee Hsien Loong said the protocol demonstrated that countries are capable of achieving consensus through effort and creativity, and are open to binding commitments.
He also observed that the established world order of multilateralism is “under pressure”.
“Existing multilateral institutions are not perfect, many are in need of urgent reform, suffer from a loss of confidence, or have practices and structures that are no longer fit for purpose,” Lee said, without elaborating which bodies he was referring to.
Stephen Mathias, the UN’s assistant secretary-general for legal affairs, said the agreement helped unify mediation rules and remove uncertainty in enforcing mediation agreements.
The protocol contains standardised terms to apply mediation agreements across jurisdictions, and is expected to bolster the use of mediation rather than legal action to resolve trade disputes.
This rare example of international cooperation can be likened to the New York Convention on arbitration, which was adopted by the UN 60 years ago and is now applied by 160 countries.
Singapore has also capitalised on the naming of the convention, positioning itself as the legal hub in the region, in competition with Hong Kong.
The UN’s Commission on International Trade Law, for instance, has signed a memorandum to establish an academy in international dispute resolution in Singapore.
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