SINGAPORE: An international United Nations (UN) trade dispute resolution treaty named after Singapore will officially open for signature on Aug 7, ...
SINGAPORE: An international United Nations trade dispute resolution treaty named after Singapore will officially open for signature on Aug 7, and economic powerhouses the United States and China have indicated they will sign it., will allow countries to enforce mediated settlements across borders, a piece of the mediation puzzle that has so far been missing.
Mr Shanmugam said on Monday that the two largest economies in the world have indicated they will sign it, which shows that they accept that the convention is a “very important” one.He was speaking to reporters at a briefing held by the Law Ministry to announce that more than 50 countries will gather in Singapore for the opening. Countries that will be attending include Japan, Australia and Vietnam.
The New York Convention on Arbitration, which now has more than 150 signatories, had 10 initially. A treaty needs at least three countries to sign and ratify it for it to come into force.
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