Turkey ratifies the Singapore Convention

Turkey

Turkey ratified the United Nations Convention on International Settlement Agreements Resulting from Mediation (Singapore Convention) on 11 March 2021 by way of enacting Law Regarding the Approval of the United Nations Convention on International Settlement Agreements Resulting from Mediation numbered 7282, which entered into force on its publication date, 11 March 2021. Pursuant to Article 14 of the said law, the Singapore Convention shall enter into force in Turkey six months from 11 March 2021.

Singapore Convention was adopted by the United Nations on 20 December 2018 and opened for signatures on 7 August 2019. As stated by the United Nations Commission on International Trade Law, Singapore Convention establishes a harmonized framework for the right to invoke settlement agreements as well as for their enforcement. It allows the commercial international mediation settlement agreements to be enforced in member states without the need of a full court proceeding, limiting time and costs required in court proceedings. Member states shall apply their procedural rules to mediation settlement agreements in compliance with the provisions of the Singapore Convention. The Singapore Convention promotes mediation as an alternative dispute resolution mechanism for international commercial disputes and fills in the void for international mediation within the international trade law.

For details, please refer to CMS article on the Singapore Convention in the following link.

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