Baku, Azerbaijan, August 7
By Tamilla Mammadova – Trend:
Georgia, among more than other 40 countries, signed The Singapore Mediation Convention in Singapore to settle trade disputes on august 7, Trend reports citing the Ministry of Justice of Georgia.
Justice Minister of Georgia Thea Tsulukiani signed the UN Convention on International Settlement Agreements Resulting from Mediation, which is also called the Singapore Convention on Mediation.
"By joining the convention Georgia, took one step closer to the goal to become the regional hub of mediation”, the Ministry of Justice of Georgia.
As reported, the agreement hopes to make it easier to settle cross-border commercial disputes and stabilize trade relationships.
The Convention aims to have a global framework that will give businesses greater confidence to settle international disputes through mediation rather than taking them to court, which can be obstructively time consuming and expensive.
Singapore, China, the United States, Israel, Iran, Turkey, Ukraine, Belarus, Kazakhstan, South Korea, Saudi Arabia and other countries signed the agreement.