US, China, Others Sign International Trade Mediation Agreement
The U.S., China and 44 countries signed the United Nations Convention on International Settlement Agreements Resulting from Mediation, a “cross-border enforcement mechanism” for settlement agreements on trade disputes that arise from a mediation process, the U.N. Information Service said in an Aug. 7 press release. The UNIS said the agreement promotes “sustainable” international trade relationships and will foster the use of mediation.
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China’s Ministry of Commerce praised the agreement in an Aug. 7 press release, saying it will help the “mediation system for international commercial dispute resolution,” according to an unofficial translation. China also said the agreement was applauded by its domestic industry and arbitration lawyers, and that trade groups including the China Council for the Promotion of International Trade and the China International Economic and Trade Arbitration Commission participated in the China delegation attending the signing ceremony in Singapore.