MINSK, 11 May (BelTA) – The House of Representatives (the lower chamber of the Belarusian parliament) is to ratify the United Nations Convention on International Settlement Agreements Resulting from Mediation (the "Singapore Convention on Mediation") at the spring session. Belarus is interested in promoting the system of international commercial mediation, BelTA learned from member of the Standing Commission on State Building, Local Government and Regulations Andrei Ganchuk.
The MP noted that Belarus was one of the first countries to agree to be bound by this convention. “This will help promote Belarus as a country that seeks closer cooperation in international trade, which is very important for us taking into consideration our efforts to diversify exports and enter new markets,” the MP added.
Belarus believes that the convention will have a positive impact on the entire system of international commercial mediation, including the work of international courts and arbitration. “We are interested in improving the system, increasing its transparency, streamlining procedures and making them cheaper. After all, any litigation entails significant costs,” Andrei Ganchuk said.
“The application of the convention will offer economic operators additional instruments to defend their interests in international trade. The ratification is expected to improve the business climate in the country, which is one of the objectives of the country's social and economic development program for the period of 2016-2020, the National Strategy for Sustainable Social and Economic Development for the period till 2030,” the MP noted.
The Convention applies to international settlement agreements resulting from mediation. Mediation is an increasingly popular instrument to resolve disputes using a third party or parties. Belarus was among 46 states that signed the convention in Singapore on 7 August 2019. The document was also upheld by China, the United States of America, India, etc.