The Republic of Maldives, on 7 August 2019, was one of forty-six countries that signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, in a ceremony held in Singapore.
The Convention, which is widely regarded as a landmark instrument, prepared by the United Nations Commission on Trade Law (UNCITRAL) establishes, international commercial dispute settlement mechanisms, and cross border enforcement mechanisms for settlement agreements arising from Mediation.
“I think the Singapore Convention will encourage parties to commit to engage in mediation meaningfully, and will add the much needed certainty that settlement agreements, following mediation, are going to be honored” said Senior Counsel at CTL Strategies LLP, Abdulla Waris, whom specialises in cross border transactions and international disputes.
The Maldives Government is currently working on a “Mediation Bill” to be submitted to Parliament which will likely incorporate the provisions of the Convention into Domestic Law. The Bill is scheduled to be submitted to Parliament after the ratification of the Convention.