Kazakhstan • 08 August, 2019

Kazakhstan signes the UN Convention on International Settlement Agreements

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In Singapore Minister of Justice Marat Beketayev on behalf of the Republic of Kazakhstan signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, reports press service of the ministry.  

The Convention was drafted by the UN Commission on International Trade Law (UNCITRAL) and aims to implement an international regime to enforce agreements on the settlement of commercial disputes through mediation.

46 states attended the ceremony of signing the Convention, including Australia, China, the USA, Switzerland, South Korea, Japan and others.

From the Asian region of the post-Soviet space, the Republic of Kazakhstan is the first state signing the Convention, what confirms that in this region Kazakhstan is leading in the development process of the resolution of commercial disputes.

The Convention provides cross-border enforcement of agreements settled through mediation as well as aimed at strengthening the regulatory legal basis for the settlement of international commercial disputes.

Thus, the Convention supplements the Hague Convention on Choice of Court Agreements and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, filling the gap in the framework of ensuring compliance with international disputes under the simplified procedure. This will give the business community and investors more confidence that the agreements reached as a result of mediation can be executed to resolve cross-border commercial disputes, as well as help international trade flows, simplifying the process of resolving costly and complex cross-border commercial disputes.

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