Kazakhstan signs UN Convention on International Settlement Agreements Resulting from Mediation

AKIPRESS.COM - Minister of Justice of Kazakhstan Marat Beketayev on 7 August 2019 in Singapore signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, the Ministry reported. The Convention has been developed by the United Nations Commission for International Trade Law (UNCITRAL) and is aimed at regulation of commercial disputes by mediations.
46 states attended the ceremony of signing the Convention, including Australia, China, the USA, Switzerland, South Korea, Japan and others. Kazakhstan became the only country among the Post-Soviet Asian countries signing this Convention.
"The Convention provides cross-border enforcement of agreements settled through mediation as well as aimed at strengthening the regulatory legal basis for the settlement of international commercial disputes," the statement says.
The Convention supplements the Hague Convention on Choice of Court Agreements and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, filling the gap in the framework of ensuring compliance with international disputes under the simplified procedure. This will give the business community and investors more confidence that the agreements reached as a result of mediation can be executed to resolve cross-border commercial disputes, as well as help international trade flows, simplifying the process of resolving costly and complex cross-border commercial disputes.