Iraq signs Singapore Convention on mediation
Shafaq News/ Iraq officially signed the Singapore Convention on Mediation, marking a milestone in developing commercial dispute resolution in the country, according to the UNDP.
The Chairman of the Iraqi National Investment Commission, Haider Muhammad Makkiya, signed the Convention on 17 April 2024 on behalf of Iraq.
"Financed by the EU, our ongoing technical support to the Government of Iraq has contributed to this achievement," UNDP said, explaining that the Convention now awaits ratification and implementation by the Iraqi Parliament.
"We will continue providing technical support going forward, thereby contributing to building a more favorable environment for investments and business development in Iraq," UNDP said.
The Singapore Convention on Mediation, also known as the "Singapore Convention,” provides a uniform and efficient framework for settling international disputes through mediation. It applies explicitly to international settlement agreements resulting from mediation, which are made between parties to resolve commercial disputes.
As of 19 April 2024, the Convention has 55 signatories, of which eight are parties to the Convention.
