The Acceleration of the Development of International Business Mediation after the Singapore Convention

Abstract

The Convention on International Settlement Agreements Resulting from Mediation (hereinafter referred to as the Singapore Convention) entered into force on 12 September 2020. The States’ striking enthusiasm for the Singapore Convention since the day of its enactment and onwards seems to be an encouraging indicator of the increasing use of mediation for the settlement of international commercial disputes. More precisely, the Convention establishes an international legal framework for the enforcement of settlements reached through mediation, and provides for a very limited number of requirements thereon. Hence, and considering that the enforceability of arbitral awards is perceived as arbitration’s most important feature, the cross-border enforceability of the settlement agreements reached through mediation conferred by the Singapore Convention could somehow erode arbitration’s edge. Furthermore, the entry into force of the Singapore Convention will promote the use of mediation in the States comprised within the Belt and Road Initiative, in Europe and in the Asia- Pacific, namely within the construction sector and the shipping industry and also in investor-state disputes insofar as the wording of the Convention leaves room for an extensive interpretation that could encompass such disputes. Investment funds, reserved AIFs, share classes, fair treatment, seniority privilege, minimum interest privilege, non-contagion principle, preferential treatment, shift of wealth