The UN Convention on International Settlement Agreements Resulting from Mediation, also called the Singapore Convention on Mediation, was adopted in December 2018 and was yesterday signed by 46 states including the US, China and India.

The European Commission is still considering whether the EU has competence to sign the convention or whether member states will have to sign individually. Neither Ireland nor the UK have signed so far.

The Mediators’ Institute of Ireland (MII) has welcomed the signing of the new convention as a positive step with wide-ranging ramifications.

President Margaret Considine said: “At a time when we are faced with a possible no deal Brexit and the world economy is threatened by a deteriorating trading relationship between China and the USA, today’s signing of the UN Convention on International Settlement Agreements Resulting from Mediation is timely.

“The convention seeks to encourage businesses to use mediation to resolve international disputes as it is faster and cheaper than using courts, and by making mediation settlements more enforceable across international boundaries.

“The fact that China and the USA are among the countries that have signed the convention raises the global status of mediation as an effective way to resolve cross-border commercial disputes and maintain established trade relationships.”