{"id":2408,"date":"2021-03-18T08:00:00","date_gmt":"2021-03-18T12:00:00","guid":{"rendered":"https:\/\/venfort.com\/blog\/?p=1360"},"modified":"2021-03-18T08:00:00","modified_gmt":"2021-03-18T12:00:00","slug":"the-singapore-convention-an-ally-in-international-trade","status":"publish","type":"post","link":"https:\/\/venfort.com\/en\/la-convencion-de-singapur-un-aliado-en-el-comercio-internacional\/","title":{"rendered":"The Singapore Convention, an ally in international trade"},"content":{"rendered":"

When the dispute involves a commercial transaction involving two or more countries, there is a mechanism to resolve it, which is the Singapore Convention, originally called the United Nations Convention on International Settlement Agreements Resulting from Mediation.<\/p><\/blockquote>\n\n\n\n

This regulatory text was approved in December 2018.<\/strong> y \"has application in international settlement agreements resulting from mediation, concluded by the parties to resolve a commercial dispute<\/em>\". This text provides a homogeneous and practical framework for the execution of commercial agreements and transactions entered into between subjects of different countries. It is, therefore, a legal guarantee to settle and put an end to disagreements, making the solution of international commercial disputes feasible and legal.<\/p>\n\n\n\n

International business transactions are frequent and long-standing activities in the world.<\/strong>. Regulating them to avoid conflicts between countries has also been an ongoing task for trade law and international competition bodies. In that joint effort, the United Nations issued a convention between States to regulate sales contracts<\/a>to reduce the costs related to them.<\/p>\n\n\n\n

As part of the work carried out at the Singapore Convention<\/strong>The invitation to mediation is considered a flexible mechanism for reaching negotiations and agreements. In this sense, \"the parties create their own process and work towards their own agreement; they can debate legal and non-legal issues until they find the most convenient solution\".<\/em>.<\/p>\n\n\n\n

The Convention may be adopted by all States or regional economic integration organizations.<\/strong>. The intention of its creation was to offer clarity, certainty and stability to solve through mediation the conflicts that could be generated as a result of the commercial activity between nations. All its recommendations are aimed at meeting the Sustainable Development Goals of the United Nations, especially in achieving peace and justice through the construction of solid and reliable institutions.<\/p>\n\n\n\n

Prior to being signed, mediation as a legal remedy <\/strong>The dispute resolution clause in these cases was not regulated or recognized as a mechanism to facilitate transactional agreements. Therefore, when any dispute arose, the parties involved resorted to the dispute resolution clauses agreed upon in the previous agreements.<\/p>\n\n\n\n

Key legal issues on the Singapore Convention<\/h2>\n\n\n\n

The main legal considerations taken into account by this Convention on Mediation are:<\/strong><\/p>\n\n\n\n