28 October 2022 04:23 am
The Cabinet nod has been granted to draft a bill in compliance with the Singapore Convention on Mediation, formally the United Nations Convention on International Settlement Agreements Resulting from Mediation.
The Minister of Justice, Prison Affairs and Constitutional Reforms Wijeyadasa Rajapakshe this week sought the approval of the Cabinet of Ministers to prepare an appropriate bill taking into account the provisions of the Convention.
The Singapore Convention on Mediation that was adopted on December 8, 2018 and opened for signing on August 7, 2019, is an international agreement on the recognition of mediated settlements. Sri Lanka signed the Singapore Convention on Mediation on August 7, 2019.
The Convention is widely regarded as an instrument for the facilitation of international trade and the promotion of mediation as an alternative and effective method of resolving trade disputes.
Being a binding international instrument, it is expected to bring certainty and stability to the international framework on mediation, thereby contributing to the Sustainable Development Goals (SDG), mainly the SDG 16.
The government aims to position the China-backed Colombo Port City as a leading global mediation centre in the region.