The Kingdom of Saudi Arabia has signed the United Nations Convention on Mediation, relevant to the World Trade Dispute Settlement Agreements, known as "Singapore Convention on Mediation". Saudi Arabia is at the forefront of the signatories of this international convention, which is considered the first of its kind in the field of commercial dispute settlement, based on mediation.
The Kingdom of Saudi Arabia was represented by MCI Undersecretary for Policies and Regulations, Mr. Bader Al-Haddab, in the Signing Ceremony & Conference, held in Singapore on 07.08.2019, corresponding to 06.12.1440 AH. The Saudi Center for Commercial Arbitration participated as well in this ceremony, within a high-level official delegation.
The Saudi Center for Commercial Arbitration, along with several government agencies, exerted much efforts to facilitate Saudi Arabia's membership in Singapore Convention on Mediation, including the recommendation that the Kingdom should be among the first signatories, besides clarifying and highlighting the global position enjoyed by Saudi Arabia, and its implications for empowering the institutional arbitration process locally and internationally.
Meanwhile, the Council of Ministers had already approved the mandate of His Excellency the Minister of Commerce and Investment, or his deputy, to sign the United Nations Convention on Mediation, relevant to World Trade Dispute Settlement Agreements, during the Cabinet meeting on 20/11/1440 AH corresponding to 23/07/2019 AD.
The signing ceremony of Singapore Convention on Mediation comes after three years of extensive discussion and drafting of such convention by the UNCITRAL Committee, with the participation of 85 Member States and 35 Non-Governmental Organizations. Finally, the convention was adopted by the United Nations General Assembly on 18 December 2018.
Singapore Convention on Mediation provides a unified and effective framework for the enforcement of the World Trade Dispute Settlement Agreements, based on Mediation, and for enabling the relevant parties to make their arguments based on such agreements. It is worth mentioning that Singapore Convention framework provides similar facilities as New York Convention.
Singapore Convention has been formulated to become an essential tool for facilitating the world trade, and for promoting mediation as an alternative and effective way of settling world trade disputes. The said Convention ensures and guarantees that the settlement reached by the concerned parties is binding and enforceable.