BNRMC Mediators Attended Singapore Convention Signing Ceremony

2019-08-07

On August 7, 2019, the signing ceremony of the United Nations Convention on International Settlement Agreements Resulting from Mediation (hereinafter referred to as the "Convention") was held in Singapore. This was the first time the Convention has been opened for signature by states. United Nations Secretary-General António Guterres delivered a congratulatory video message, Singapore's Prime Minister Lee Hsien Loong attended and addressed the ceremony, and Li Chenggang, assistant minister of commerce of China, signed the Convention on behalf of China. Of the 80 countries attending the signing ceremony, 46 signed the Convention and became parties to it. Dr. Wang Li, Chairwoman of the Belt & Road Service Connections and International Commercial Mediation Center for the Belt & Road (BNRMC), was invited to attend and witness the signing ceremony.   

▲Mr. Lee Hsien Loong, Prime Minister of Singapore, took a photo with the representatives of the signatory states

The absence of cross-border mechanisms for the implementation of settlement agreements resulting from mediation has been recognized as an important obstacle to the mediation in the international business community. To fill in the blanks, after years of hard work by China and many other countries, United Nations Commission on International Trade Law (UNCITRAL) finalized the text of the Convention on June 25, 2018, which was adopted by the United Nations General Assembly later on December 20 and known as the Singapore Convention on Mediation. It was opened for signature in Singapore on August 7, 2019.

▲Dr. Wang Li and Ms. Anna Joubin-Bret, Secretary of UNCITRAL

As a model of multilateralism and international cooperation, the Convention is hailed as a pioneering effort to change the pattern of international dispute settlement. The Convention has great potential to promote the use of mediation to settle cross-border commercial disputes and contribute to the establishment of a unified legal framework for the fair and effective settlement of international commercial disputes. The Convention will be an important instrument for promoting international trade and investment. The Convention embodies the Belt & Road spirit of win-win cooperation and is of great significance for Belt & Road investment and trade projects.

▲Dr. Wang Li (left), Vice President of the Bar Association of India Mr. Amargit Singh Chandhiok (middle),

 and Mr. Prashant Kumar (right), President-elect of the Bar Association of India and mediator of the BNRMC.  

In October 2016, the Belt and Road Service Connections established the Beijing Retio Legal and Commercial Service Center for Belt and Road Initiative, and developed and launched the Internet-based mediation system of the BNRMC. Since its establishment, BNRMC has established a team of experienced mediators, including 265 distinguished legal scholars and professionals from all over the world, including China, Italy, Indonesia, Malaysia, Ecuador, Brazil, United Kingdom, Vietnam, Russia, Singapore, Germany, Austria, India, France, Spain, Portugal, and Nigeria. BNRMC has settled more than 500 commercial disputes through online and offline services, litigation-to-mediation and arbitration-to-mediation services, with a settlement rate around 70%.

▲Dr. Wang Li and BNRMC mediators (Messrs. Qin Tao and Wu Yuhong)